MILAN, Italy (Nov. 24, 2015) — Lorenzo Sistino, general manager of Pirelli Tyre S.p.A.'s industrial business, is leaving the company at year-end after just five months with the Italian tire maker,
His duties will pass to Marco Tronchetti Provera, executive vice president and CEO of Pirelli, who will take direct responsibility for the development path of the company's industrial activities in connection with ChemChina's acquisition of Pirelli.
Mr. Sistino will receive a one-time “exit incentive” of $848,000 and be paid $357,750 for agreeing to a 12-month non-compete agreement covering the heavy vehicle, agricultural vehicle and OTR tire sectors in the main geographical areas where Pirelli operates.
These sums are in addition to his salary and “termination compensations required by law,” Pirelli said, and he also will be awarded the management buy-out “in proportion to his effective achievement according to the methods and timing foreseen in the company plan.”