Pirelli’s Top Chinese Investor Proposes Sinochem CEO to Chair New Board

Pirelli (PIRC.MI) said on Friday its Chinese investor Sinochem (600500.SS) had put forward a new top executive as chairman at the Italian tyre maker — a move that could help to ease tensions between its main shareholders.

Ahead of a July 31 shareholder meeting to appoint a new Pirelli board, Sinochem proposed it be chaired by Jiao Jian, who became CEO at the state-owned Chinese group in March. Jiao will replace Sinochem President Li Fanrong at Pirelli.

Nominees for the board are being put forward under amended shareholder accords between Sinochem, which is Pirelli’s largest investor with a 37% stake, and its Italian co-investor Camfin, headed by long-serving Pirelli CEO Marco Tronchetti Provera. …

Source: Reuters