Italy's government has ruled that China's Sinochem cannot designate the chief executive of tyremaker Pirelli despite being its main shareholder with a 37% stake, a source familiar with the matter told Reuters on Saturday.
despite being its main shareholder with a 37% stake, a source familiar with the matter told Reuters on Saturday.announced this week by Rome's right-wing administration to shield the autonomy of Pirelli and its management.Rome's move came after Sinochem notified the Italian government in March of plans to renew and update an existing shareholder pact with fellow investor Camfin, the vehicle of Pirelli's CEO Marco Tronchetti Provera.
Asking not to be named due to the sensitivity of the matter, the source said Rome had ruled that only Camfin could indicate CEO candidates for Pirelli. Rome also ruled Sinochem should pick no more than eight members of Pirelli's 15-strong board, leaving four to Camfin. The proposed pact would have given Sinochem an extra director and left three to Camfin.
Pirelli shareholders vote to pick a new board on July 31, with current deputy CEO Giorgio Bruno set to replace Tronchetti Provera, who would stay on as executive vice-chairman.
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