Yang Xingqiang resigns from Pirelli BoD

On 28 April, Yang Xingqiang resigned from his role of director at Pirelli & C. SpA. The tyre maker says the reason for his resignation, which takes effect with the next Board of Directors meeting on 10 May, is “a recent and unexpected concentration of new personal commitments.”

In a statement, Pirelli writes that it “wishes to extend its sincere thanks to Mr Yang Xingqiang for the work performed in over six years of mandate.” He has been a member of the Pirelli board since the ChemChina-led buyout of 2015.

Pirelli adds that to date, Yang Xingqiang holds the role of non-executive director and he does not possess the requisites to be qualified as independent in accordance with the TUF and Corporate Governance Code. Furthermore, he: (i) does not hold any shares in the Company based on the available information; (ii) is a member of the Strategies Committee; (iii) does not have the right to indemnity or other benefits in connection with the cessation of the above-mentioned roles.

Following the resignation, at its next meeting, the Pirelli Board of Directors will be “called to adopt the consequent resolutions.”