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Pirelli CEO: Andrea Casaluci to be nominated

Restrictions placed upon major Pirelli & S.p.A. shareholder China National Tire & Rubber Corporation Ltd. include giving the remit of selecting the company’s chief executive to Camfin S.p.A. In a statement issued today, Camfin announces that it will nominate Andrea Casaluci to this role in addition to Marco Tronchetti Provera as Pirelli’s executive vice chairman. Giorgio Bruno, who was previously identified as Pirelli’s next CEO, is ending his tenure on the Board of Directors.

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Related news:

  1. Pirelli Shareholders’ Agreement enters force
  2. Pirelli governance remains unchanged pending agreement renewal
  3. Italy looking to limit Sinochem’s influence over Pirelli
  4. Sinochem Holdings established through ChemChina, Sinochem restructuring
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Correction – Giorgio Bruno not yet Pirelli CEO

Although the Pirelli & C. SpA Renewal Shareholders’ Agreement came into force on 19 May 2023, Italy is still using its Golden Power Decree to look closely at shareholder China National Tire & Rubber Corporation, Ltd. The full implementation of the Renewal Shareholders’ Agreement and its application to all parties is being delayed until this process is concluded.

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Related news:

  1. Pirelli shareholders amend agreement, some parties end co-investment accord
  2. Pirelli governance remains unchanged pending agreement renewal
  3. Golden Power: Pirelli plans to postpone Board nomination
  4. Pirelli a Main Sponsor of World Ski Championships
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Pirelli Shareholders’ Agreement enters force

Pirelli reports that the Shareholders’ Agreement signed in May 2022 entered force as of 19 May 2023. The renewed agreement replaces the previous agreement that expired on 28 April 2023 but doesn’t yet fully apply. Pirelli explains that proceedings related to the Golden Power Decree are still ongoing, with the agreement’s effect and voting rights for China National Tire & Rubber Corporation, Ltd. (CNRC) remaining suspended until a conclusion is reached.

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Related news:

  1. Pirelli governance remains unchanged pending agreement renewal
  2. Sinochem Holdings established through ChemChina, Sinochem restructuring
  3. Pirelli shareholders’ agreement renewed
  4. Camfin & Brembo sign Pirelli consultation agreement
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Sinochem Holdings established through ChemChina, Sinochem restructuring

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The restructuring of Sinochem Group Co., Ltd. and China National Chemical Corporation Ltd. (ChemChina) has resulted in the establishment of a new entity, Sinochem Holdings Corporation Ltd. (Sinochem Holdings). As of 8 May 2021, both Sinochem Group and ChemChina became wholly-owned subsidiaries of the new state-owned enterprise, which is said to be the world’s largest chemical conglomerate.

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Related news:

  1. ChemChina names Sinochem boss as new chairman
  2. Pirelli major shareholder Chemchina restructuring
  3. Marco Polo/ChemChina buy almost 10 per cent of Pirelli shares
  4. China’s State Council approves ChemChina, Sinochem restructuring
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Prometeon increases margin to 13.6% as ‘turnaround’ officially ends

Prometeon Tyre Group (PTG) has declared its two-year turnaround process over and underpins this with its recently-released annual results for 2020. Giorgio Bruno, chief executive officer of Prometeon Tyre Group and Gregorio Borgo, chief operating officer, state that the “turnaround path is ended” and that PTG is “stronger and more resilient,” having been able to “improve margins, protect cash and strengthen asset structure, despite the pandemic.”

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  1. Apollo Tyres annual net profit up 12 per cent, but European sales slide
  2. Nokian Tyres increases sales, profits
  3. Delticom: Income significantly up in H1 2018
  4. Hankook Tire: Lower profits in H1 2019
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Anteo: Prometeon’s new brand for tier 3

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Sales within the premium and tier 2 segments of Europe’s commercial tyre market have remained level for years, but the tier 3 segment is growing in leaps and bounds. For Prometeon, the company behind the Pirelli commercial tyre brand, this trend represents an opportunity it doesn’t wish to miss out on. It presented its new Anteo brand to potential distributors on 26 March, displaying a launch range of six lines.

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Related news:

  1. Prometeon introduces Anteo truck brand
  2. Increased capacity, exports: Prometeon investing $115 million in Turkey
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  4. Aeolus to launch third generation truck and bus radial tyres at Autopromotec
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