Giorgio Bruno leaves the CEO designate. Camfin will indicate Casaluci

George Brunothe successor of Marco Tronchetti Proveradesignated as CEO of Pirelli, leave the group. The rumors initially reported by Bloomberg they were then confirmed later in the day. In its place Camfin will point Andrea Casaluci while Marco Tronchetti Provera will be listed as executive vice president. Bruno concluded his mandate on the board by declaring himself unavailable to cover the position of CEO.

The spread of the news pushed the company’s stock downward, now down by more than two percentage points (follow the stock live). Casaluci, 50 years old, with Pirelli since 2002, has been General Manager Operations of Pirelli since 2018.

Camfin – explains a note – “will proceed to designate its four candidates, including those indicated above, to Marco Polo International Italy Srl for the purpose of their inclusion in the list that it will present to the Pirelli shareholders’ meeting, to be convened by 31 July forthcoming for the renewal of the board of directors. Following this meeting, it should be remembered that the Pirelli board of directors will meet to proceed with the appointment of the corporate offices, including those indicated above”.

Bruno currently held the position of deputy managing director. His takeover from Marco Tronchetti Provera was foreseen by the agreement that the Tronchetti holding company, Camfinhad signed with the Chinese shareholder sinochemmain owner of the Pirelli shares with a 37% stake.

But the pact was in fact disrupted by government intervention, which by triggering the Golden Power gave a significant squeeze to the influence that Sinochem can exercise over Bicocca. The outcome of the government’s intervention, which took place at the CDM on June 15th, among other things means that Camfin will appoint the next CEO of the Italian company.

Finally, the financial agency notes that the change in the succession plan could pave the way for the strengthening of the leadership of Tronchetti Provera, who has been at the helm for thirty years. Bruno was considered his heir, since the resignation of the then co-CEO Angelos Papadimitriou which were taken in 2021.