Pirelli appoints new BoD

After much delay and a hint of Golden Power, Pirelli & C. SpA has a fresh Board of Directors. During the Shareholders Meeting that took place in Milan yesterday, Jiao Jian – director and president of Sinochem Holdings since March 2023 – was named chairman of the Board of Directors. A total of 84.16 per cent of the shareholders with voting rights participated in the meeting and they nominated a total of 15 directors, including nine independent directors.

The Board of Directors nominated during the Shareholders Meeting will hold office for the years 2023 to 2025, up to the approval of Pirelli’s results to 31 December 2025. As per Golden Power requirements, two lists of nominees were presented.

List 1, taken from the majority list, voted by about 83.82 per cent of the capital represented at the shareholders’ meeting. Candidates indicated with a (C) were designated by Camfin SpA:

Jiao Jian (nominated chairman of the Board of Directors)

Tronchetti Provera Marco (C)

Casaluci Andrea (C)

Chen Aihua

Zhang Haitao

Chen Qian

Bradanini Alberto (independent)

Carpinelli Michele (C) (independent)

De Sole Domenico (C) (independent)

Fan Xiaohua (independent)

Pappalardo Marisa (independent)

Tang Grace (independent)

List 2, taken from the minority list, voted by about 16.05 per cent of the capital represented at the shareholders’ meeting, and presented by a group of savings management companies and institutional investors:

Roberto Diacetti (independent)

Paola Boromei (independent)

Giovanni Lo Storto (independent)

Bruno ends remit as deputy CEO

Marco Tronchetti Provera presided over the Shareholders Meeting and thanked outgoing chairman Li Fanrong and outgoing directors Giorgio Luca Bruno, Yang Shihao, Wang Feng, Tao Haisu, Giovanni Tronchetti Provera and Wei Yintao for the work they’ve done for the company and results obtained.

With the nomination of the new Board of Directors, the role of deputy chief executive officer Giorgio Luca Bruno expires as this mandate has concluded. To protect the group’s strategic and operational know-how, the former director and deputy CEO will be bound by a non-competition agreement for a period of two years. This agreement is valid for the “main countries in which Pirelli operates” and as compensation will see Bruno receive payment equal to 60 per cent of his gross fixed salary, minus a deduction for payment already given.

Thursday BoD meeting

The first meeting of the new Board of Directors will take place on 3 August 2023. At this meeting, the BoD will deliberate on the company’s governance and in particular the nomination of an executive vice chairman and chief executive officer.