Pirelli Appoints New Board Structure
2
min. read
Marco Tronchetti Provera
Pirelli Tyre's shareholders have appointed a new board dominated by its Italian investor Camfin, with 58.07 per cent of the votes, following a decision by the Italian government to limit the powers of the company's larger Chinese investor.
Shareholders also approved the 2025 full-year report with 57.89 per cent of the votes, with contrary votes almost entirely attributable to the company's Chinese shareholder, Sinochem.
Twelve out of the fifteen board members were elected from a slate presented by Camfin, the investment vehicle of Marco Tronchetti Provera, the Italian businessman who has led the Milan-based group since 1992. The slate included Tronchetti Provera, Pirelli CEO Andrea Casaluci, as well as three representatives of professional investors.
Mr Casaluci is expected to be confirmed as CEO at the first meeting of the new board, while Tronchetti Provera is expected to become Executive Chairman after holding the position of Executive Vice Chairman for the past three years.
Chinese state-owned group Sinochem is Pirelli's largest investor with a 34.1 per cent stake, but earlier this year the Italian government imposed restrictions using its so-called "golden powers" to protect companies considered of strategic importance. On Thursday, Sinochem secured the election of the remaining three members of the board.
The Italian government restrictions, introduced to avoid U.S. restrictions on Chinese-controlled companies, allow Sinochem to appoint up to three board members but prevent them from holding top positions such as Chairman or Chief Executive.
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