Rosneft execs get Pirelli board seats

MILAN, Italy (July 11, 2014) — Six executives with or associated with Russia's Rosneft Oil Co. have been appointed to the board of directors of Pirelli & C. S.p.A.

Rosneft and a series of allied companies acquired in March what amounts to a 13-percent stake in Pirelli.

The tire maker and Rosneft are involved in a series of cooperation deals, including raw materials supply and the installation of retail stores in Russia.

The new board members are:

Igor Sechin, president of Rosneft and chairman of Rosneft's management board; Didier Casimiro, vice president for commerce and logistics at Rosneft; Andrey Kostin, president and

chairman of the management board and a member of the supervisory council of VTB Bank; Ivan Glasenberg, CEO of Glencore Xstrata P.L.C.; Petr Lazarev, financial director at Rosneft; and Igor Soglaev, president, C.J.C.S. Novokuibyshevskaya Petrolchemical Co.

These individuals replace board members Claudio Sposito, chairman and CEO of Clessidra SGR S.p.A.; Riccardo Bruno, a directof of Clessidra;  Piero Alonzo, technical adviser of the Tribunal di Roma; Emiliano Nitti, general counsel, Clessidra; Luciano Gobbi, Pirelli's chief financial officer; and Enrico Parazzini, CEO of Camfin S.p.A., who tendered their resignations.

Pirelli did not elaborate on the reasons for the changes.