Pirelli: Board of Directors appoints Tronchetti as chairman by a majority vote; Casaluci confirmed as

The board ‘takes note’ of Tronchetti Provera’s takeover

(Il Sole 24 Ore Radiocor) - Pirelli’s new board of directors has appointed Marco Tronchetti Provera as executive chairman by a majority vote, with director Zhang Haitao voting against and directors Xi Xiaohong and Wang Kun abstaining. Andrea Casaluci, meanwhile, was unanimously confirmed as chief executive. The board – appointed on 25 June and meeting for the first time today – also elected Giovanni Tronchetti Provera as vice-chairman by a majority vote, again with the directors representing the Chinese shareholder voting against.

The board of directors, the statement reads, “has taken note – whilst reserving the right to carry out the assessments required by law – of the communication received yesterday from Marco Tronchetti Provera & C. Spa regarding the continued control of Pirelli by Marco Tronchetti Provera’, through the company MTP, which in turn controls Camfin, Camfin Alternative Assets and Longmarch Holding. This follows the shareholders’ meeting held on 25 June, at which the list put forward by Mtp/Camfin secured a majority of the seats on the board of directors and all executive positions.

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