MILAN — Pirelli & C. S.p.A. has nominated Giorgio Luca Bruno, CEO of Prometeon Tyre Group S.r.l., to be its deputy CEO, filling a position being vacated by board member Angelos Papadimitriou.
Pirelli shareholders will vote on Mr. Bruno's nomination at the company's shareholders' meeting in June. Mr. Papadimitrioiu, who's been with Pirelli since last summer but opted in February to leave Pirelli, will withdraw from the board with immediate effect, making the position available for Mr. Bruno, Pirelli said.
According to Pirelli, Mr. Bruno — chairman of Prometeon Tyre since 2017 and CEO since January 2018 — has "significant managerial experience in complex financial and industrial contexts, including the tire industry."
Prior to taking a position with Prometeon in 2017, Mr. Bruno worked with Pirelli from 2008-12, involved in corporate development and diversified businesses.
Prometeon is the company carved out of Pirelli in 2017 to oversee Pirelli's industrial tire business lines and which continues to produce and sell globally Pirelli-brand truck/bus, farm and OTR/industrial tires.
Under the proposed "macro-organizational structure" of Pirelli, the executive vice chairman and CEO will head the company's direction and control of strategy and extraordinary operations.
The deputy CEO will be given "all the necessary executive levers, as well as staff areas not directly reporting to the executive vice chairman," Pirelli said. He will report to Andrea Casaluci, Pirelli's general manager operations, who will continue to head all the business lines and regions.
Pirelli and Prometeon are affiliated companies under the umbrella of China National Tire & Rubber Co (CNRC), which controls majority ownership of both companies.
CNRC "entrusted" a 52% ownership stake in Prometeon Tyre Group in early 2019 to Aeolus Tyre Co. Ltd. in an effort to "further solve the problem of horizontal competition between Aeolus and Prometeon."
With estimated sales of $625 million in 2019, Prometeon is considered the world's 35th largest tire maker.