Pirelli Appoints New Board Dominated by Veteran Chairman Tronchetti Provera
Board Appointment and Shareholder Decisions
Shareholder Voting Results
MILAN, June 25 (Reuters) - Tyremaker Pirelli's shareholders on Thursday appointed with 58.07% of votes a new board dominated by its Italian investor Camfin, following a decision by the Italian government to limit the powers of its larger Chinese investor.
Shareholders also approved the 2025 full-year report with 57.89% of votes, with contrary votes almost entirely attributable to the company's Chinese shareholders, Pirelli said.
Board Composition and Key Figures
Camfin's Influence
Twelve out of 15 board members were elected from a slate presented by Camfin, the vehicle of Marco Tronchetti Provera, the Italian businessman who has led the Milan-based group since 1992.
They included Tronchetti Provera himself, Pirelli's CEO Andrea Casaluci, as well as three representatives of professional investors.
Camfin holds a 26.2% stake in the tyremaker.
Leadership Roles
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 executive vice chairman position for the past three years.
Chinese Investment and Government Restrictions
Sinochem's Stake
Chinese state-owned group Sinochem is Pirelli's largest investor with a 34.1% stake, but Rome earlier this year imposed curbs using so-called "golden powers" aimed at protecting companies considered of strategic importance.
Board Representation
Sinochem on Thursday secured the election of the remaining three members of the board.
Government-Imposed Limits
Italian government restrictions, introduced in an effort to avoid U.S. restrictions on Chinese-controlled companies, allow Sinochem to appoint up to three board members, but exclude them from top positions such as chairman or chief executive.
(Reporting by Giulio Piovaccari, Romolo Tosiani and Mirko Miorelli; Editing by Alvise Armellini)
