MILAN, Italy—Marco Tronchetti Pro-vera, executive vice president and CEO of Pirelli Tyre S.p.A., will take over direct responsibility for the development path of the company's industrial activities in connection with ChemChina's acquisition of Pirelli.
He succeeds Lorenzo Sistino, general manager of Pirelli's industrial business, who is leaving the company after just five months with the Italian tire maker,
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.
Mr. Sistino joined Pirelli in August from CNH Industrial, where he was president of the Iveco brand business.
Pirelli and ChemChina intend to combine their respective commercial tire assets into a new entity, whose annual revenues will be in the neighborhood of $3 billion, according to Tire Business estimates.