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Pirelli yields 2% after the CEO’s successor resigns and in full swing Meloni-China

Date: June 25, 2024 Time: 14:21:16

Pirelli’s shares suffer a fall of almost 2%, to 4.4 euros per share, and add to the 1.75% decline registered yesterday after the candidate initially chosen by Pirelli to succeed Marco Tronchetti as CEO of the company, Giorgio Bruno, has commented on his “intention to conclude his term as member of the board of directors” of the firm to dedicate himself to his “own business activities”, as reported by Camfin -the second largest shareholder of the company (14%) – in a statement.

In this regard, Camfin has indicated that the next Pirelli Shareholders’ Meeting, in which the renewal of the Board of Directors will be held and that on July 31, will propose the appointment of Andrea Casaluci as the company’s new CEO. Andrea Casaluci, 50, has been at Pirelli since 2002, and since 2018 she has been the company’s General Director of Operations. Camfin has also indicated that he will transfer this proposal to Marco Polo International, Pirelli’s main shareholder, while also stressing that he will propose that Marco Tronchetti become executive vice president of the company.

“I thank Giorgio Bruno for his contribution over many years, in various phases and different functions, to the management of the Pirelli group and the support he has given to the company’s senior management. In light of his firm decision to embark on a new business direction I wish Giorgio Bruno the best for the challenges he faces, in which he will also continue to count on our collaboration”, highlighted Marco Tronchetti. Meanwhile, Giorgio Bruno has indicated that he has decided to embark on his own business plans, which will “absorb” his professional energies in the future, he has pointed out.

The company has come under the spotlight after the Italian government announced Pirelli’s intervention to limit the access of the Chinese shareholder group CNRC (China National Tire and Rubber Corporation) to the technology that makes its tire sensors work. , since they can collect sensitive information. The Executive probably blocked the renewal of Pirelli’s board of directors since May 19 to study whether to apply the Golden Power (gold share), an exceptional measure planned for the State to protect strategic companies from foreign interference.

Thanks to this mechanism, the Italian government will veto any third-party influence in sensitive sectors, regardless of who has awarded the tender, a special power that it already exercised over the telecom operator in 2016 in order to curb the growing influence of the French group Vivendi. in its shareholders. In the case of Pirelli, the Council of Ministers, led by the ultra-conservative Giorgia Meloni, has imposed a “strategic industrial security authorization” that “sets limits on access to information” about CYBER sensors that can be implanted in tires.

“These sensors are capable of collecting data from the vehicle regarding, among other things, the state of the roads, geolocation and the state of the infrastructures,” the Executive reported in a statement. According to that note, the information collected by those tires can be transmitted to cloud processing systems and supercomputers to create, through artificial intelligence, “complex digital models that can be used in cutting-edge systems such as smart cities.”

“The misuse of this technology can entail considerable risks not only for the confidentiality of user data, but also for the possible transfer of security-relevant information,” he justified. The Italian government will react in this way to the latest renewal of Pirelli’s board of directors, because Chinese shareholders will win a seat and could choose their future CEO. Italian partners Mtp and Camfin own 14% of the company, while Chinese shareholder CNRC owns 37% of the company. For this reason, the approved norm also imposes that “some strategic decisions will exercise the vote of at least 4/5 of the board of directors”.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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