MILAN : Pirelli said on Friday its Chinese investor Sinochem 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 chai
MILAN : Pirelli said on Friday its Chinese investor Sinochem 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.
Nominees for the board are being put forward under amended shareholder accords between Sinochem, which is Pirelli's largest investor with a 37 per cent stake, and its Italian co-investor Camfin, headed by long-serving Pirelli CEO Marco Tronchetti Provera. The government's decisions ensured that Camfin, which owns only 14.1 per cent of Pirelli, appoints the CEO and retains key influence over the group.
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