MILAN — Major Pirelli & C. S.p.A. shareholders disclosed this week they have agreed to maintain the tire company's ownership structure until 2023.
Shareholders are to sign an agreement Aug. 1 to keep the shareholder structure that has been in place since August 2017, according to Camfin/Marco Tronchetti Provera, which holds 10.05% of Pirelli's shares.
Other major shareholders are ChemChina-controlled Marco Polo (45.52%) and Long-Term Investments Luxembourg S.A. (6.24%). The remaining 38.19% of the shares are free-floating.
The shareholders agreed to extend Marco Tronchetti Provera's tenure as executive vice chairman and CEO until 2023.
Mr. Tronchetti Provera will have to "activate" the succession procedure by October 2022 and designate his successor six months before the renewal of the Pirelli board of directors in spring 2023.
The partners also will confirm ChemChina and Camfin/MTP as "stable shareholders" in Pirelli, with the latter maintaining its minority shareholding.
For the new Pirelli board, the partners have agreed that nine board members, including four independent individuals, will be designated by China National Rubber Co.
MTP will name three to the board, including one independent member. Another three independent board members will be reserved for minority shareholders.