Milan, Italy – Pirelli & C. SpA’s chairman Ren Jianxin has resigned from all roles held on the company’s board, effective 30 July.
Ren announced 13 July that he was retiring from his position as the chairman of China National Chemical Corp. (ChemChina).
Ning Gaoning, who has been named as the new chairman of ChemChina, will take over the leadership position at Pirelli.
Pirelli executive vice chairman and CEO, Marco Tronchetti Provera will submit a proposal to a scheduled board meeting to co-opt Ning Gaoning and subsequently his nomination as chairman.
Ren succeeded Marco Tronchetti Provera in 2015, who has resigned form the position in the wake of ChemChina’s acquisition of majority control of Pirelli.
Ren founded ChemChina in 1996 by taking control of over 100 chemical factories, which were facing financial troubles at the time.
Under his reign, ChemChina made a number key acquisitions in Europe, including the €7.1-billion takeover of Italian tire maker Pirelli & C. SpA in 2016.