MILAN, Italy — Ning Gaoning has stepped down as chair of Pirelli & C. S.p.A.'s board of directors, effective Oct. 8, in connection his resigning from the chairmanship of Sinochem Holdings Corp., Pirelli's Chinese state-owned parent company.
Ning has been chair of the Pirelli board since August 2018, when he succeeded Ren Jianxin, after he had resigned from his position at Sinochem.
According to Pirelli, Sinochem's new board chair, Li Fanrong, will "accept his eventual appointment by 'co-optation' onto the board of directors of Pirelli as well as for the role of chairman of the company."
Pirelli Executive Vice Chairman and CEO Marco Tronchetti Provera will convene a board meeting to propose the "co-optation" of Li and his subsequent nomination as chairman of the board of directors.
Li, chair of Sinochem since August, has extensive working experience in petrochemical industry, according to Sinochem.
As of Oct. 8, Ning does not hold shares and/or other financial instruments issued by Pirelli, the Italian tire group stated.
