By Giulio Piovaccari
MILAN (Reuters) -Pirelli investor Camfin has proposed Andrea Casaluci as the new CEO of the Italian tyremaker, promoting him from a general manager role days after the Italian government intervened to limit Chinese influence on the company.
The nomination of Casaluci on Tuesday comes as Pirelli deputy CEO Giorgio Bruno, who had been lined up for the top job, decided to pursue his own business interests, Camfin said in a statement.
Camfin is the investment vehicle of Marco Tronchetti Provera, who has led Pirelli since 1992, and will propose that he stay as its executive vice chairman at a July 31 shareholder meeting.
China’s Sinochem is Pirelli’s largest investor with a 37% stake but the Italian government stepped in last week to ensure that Camfin, which owns only 14.1%, appoints the CEO to retain key influence.
Bruno, 63, and Casaluci, 13 years his junior, have both been close associates of Tronchetti Provera in Pirelli, supplier of tyres to Formula One motor racing and one of Italy’s famous business brands.
However an investor, who asked not to be named, said Bruno had always appeared as a low-key figure, with little contact with shareholders.
Casaluci, on the other hand, has long been at Tronchetti Provera’s side at Pirelli presentations, appearing as the one who would ensure continuity with his strategic line, the investor said.
“They’re both excellent managers, but Casaluci, not Bruno, appears the obvious successor of Tronchetti”.
Last week, Prime Minister Giorgia Meloni’s government said it had taken measures to limit the influence of Sinochem on Pirelli under “Golden Power” rules aimed at protecting strategic assets for the country, at a time when relations between China and Western countries have entered a tenser phase.
The intervention, although not imposing a freeze on voting rights or stake reductions on Sinochem, allowed Tronchetti to keep his hold on Pirelli.
As part of the measures, Camfin retained the power to designate Pirelli’s CEO and set strategies, with limited power for Sinochem to interfere in the group’s management.
Rome also said Sinochem would pick eight members of Pirelli’s 15-strong board, leaving four to Camfin.
(Reporting by Giulio Piovaccari;Editing by Keith Weir and Emelia Sithole-Matarise)
