Milan, Italy – Pirelli & C. S.p.A is looking for a new leader to replace general manager co-CEO Angelos Papadimitriou, who has decided to leave his role, of just six months, at the Italian tire group.
Papadimitriou, who is seeking to return to his former industry-path, has offered to continue to serve on the Milan group’s board and ‘strategies committee’, said a Pirelli statement.
Prior to joining Pirelli, Papadimitriou was CEO of Italian packaging systems firm Coesia for ten years and was previously president and managing director of GlaxoSmithKline.
Pirelli has now launched a process to identify “a figure on the market who will be able to support the execution of the next Strategic Plan, with an enhancement of the internal management.”
Executive vice chairman and CEO Marco Tronchetti Provera, thanked Papadimitriou for his contribution to the development of a strategic plan for Pirelli over recent months.
“With Mr. Papadimitriou I have begun preliminary talks to evaluate, at the Camfin level, the development together of new investment initiatives...” he added.
Camfin, an investment ‘vehicle’ owned by Tronchetti, has a significant stake in Pirelli and is reportedly seeking new private equity opportunities.
For his part, Papadimitriou said he would “remain close to Pirelli by maintaining my roles on the board of directors and strategies committee.”
Announcing Papadimitriou‘s appointment in July 2020, Pirelli said the co-CEO role would cover “executive levers and general coordination of support function.”
The joint-leadership role, it said, was part of a “future succession path” towards the appointment of a new Pirelli CEO in the first half of 2023.