MILAN, Italy — Pirelli & C. S.p.A.'s board of directors has approved plans to list the restructured company's shares by the first half of 2018, either on the Milan stock exchange or “one of the leading stocks exchanges at the international level.”
The board reached its decision at a meeting during the week of Oct. 17 in Milan. At that gather the company also approved the industrial plan 2016-18 for what now comprises Pirelli's consumer businesses, in line with the plan by Pirelli and China National Chemical Co. to merge their respective commercial/industrial businesses under the control of Aeolus Tyre Co. Ltd.
The industrial plan calls for the “total digitization of industrial, commercial and management processes” to achieve more efficiency based on predictive models through the use of data and analytics.
The board also made several executive appointments:
- Paolo Dal Pino, currently CEO of the firm's Latin American region, to be the CEO of Pirelli Industrial.
- Luigi Staccol, general manager of Pirelli Digital, to supervise activities aimed at the digitization of the company.
- Roberto Righi, chief commercial officer, commercial, with responsibility for the management of all commercial structures (marketing, supply chain, aftermarket sales) and the moto (2-wheeler tires) business unit.
- Maurizio Boiocchi, general manager technology, will also assume responsibility for all technical structures (R&D, homologations, technologies, manufacturing, quality, motorsport) and sales to OE customers.
These appointments, according to Pirelli, are meant to support the company's move to a more “consumer-centric approach” business model, with strengthened leadership in the high profitability prestige and premium segments.
Regarding the stock listing, the board called for “launching all the necessary actions” to prepare an initial public offering (IPO) throughout 2017 with the goal of listing the stock in 2018.
Pirelli also announced that Gregorio Borgo, general manager, operations, since September 2013, will leave the company at year-end 2016. As such, Pirelli is reassigning his responsibilities for industrial operations, supply chain, product and OE, aftermarket and marketing.