Pirelli has announced a new succession plan following the resignation of Marco Tronchetti Provera’s handpicked replacement as chief executive, days after Italy announced measures to curb the influence of Chinese investor Sinochem over the Milan-based tyremaker.
The company said on Tuesday that general manager Andrea Casaluci would succeed Tronchetti Provera next month after Giorgio Bruno, the current deputy chief executive who had been due to take the driving seat, decided to leave the company.
The decision comes after Rome on Friday stripped Sinochem, Pirelli’s biggest shareholder with a 37 per cent stake, of its right to appoint a CEO amid growing fears over the Chinese state chemicals group’s tightening grip on one of Italy’s best-known industrial brands.