MILAN (Reuters) – Pirelli investor Camfin said on Monday that it and fellow shareholder ChemChina have indicated Giorgio Luca Bruno, the Italian tyremaker’s deputy chief executive officer, as the company’s new CEO from the spring of next year.
Camfin and ChemChina agreed that the current CEO, Marco Tronchetti Provera, would be the company’s executive vice chairman from next year until the spring of 2026, Camfin said.
Tronchetti Provera will guide Pirelli’s strategy and oversee the implementation of its business plan as well as keeping the company’s relationships with shareholders, institutions, investors and the media, Camfin said in a statement. Bruno will be in charge of the operational implementation of the group’s strategies, it added.
Camfin and ChemChina, which respectively hold 14% and 37% stakes in Pirelli, also agreed a three-year extension, from spring 2023 to spring 2026, of a shareholders pact governing Pirelli, Camfin said.
China’s Silk Road Fund, which holds a 9% stake in Pirelli and is part of the current shareholders’ pact governing the tyremaker, will not be part of the new pact effective from next year. The new pact will control a joint 51% stake in Pirelli, down from around 60% now.
(This story corrects to add dropped word in Bruno’s first name in lead paragraph)
(Reporting by Giulio Piovaccari; editing by Federico Maccioni and Leslie Adler)
