Milan, Italy – Major shareholders in Pirelli & C. SpA have agreed to maintain the tire company’s ownership structure until 2023, they announced 30 July.
Shareholders are to sign an agreement 1 Aug to keep the shareholder structure which has been in place since August 2017, said Camfin and Marco Tronchetti Provera (Camfin/MTP) in a release.
Pirelli shares are currently held by Camfin/MTP (10.05%), ChemChina-controlled Marco Polo (45.52%) and Long-Term Investments Luxembourg SA (6.24%). The remaining 38.19% of the shares are free-floating.
The shareholders will also extend Marco Tronchetti Provera’s tenure as executive vice chairman and chief executive officer until 2023.
Tronchetti will have to ‘activate’ the succession procedure by October 2022 and designate his successor six months before the renewal of the Pirelli board of directors in the spring of 2023.
The partners will also confirm ChemChina and Camfin/MTP as “stable shareholders” in Pirelli, with the latter maintaining its currently held stake of over 10%.
For the new Pirelli board, the partners have agreed that nine board members, including four independent individuals, will be designated by CNRC.
MTP will name three to the board, including one independent member. Another three independent board members will be destined to minorities.