for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Financials

Pirelli co-CEO Papadimitriou to leave after just 6 months in job

MILAN, Jan 20 (Reuters) - Pirelli said on Wednesday its General Manager and co-Chief Executive Angelos Papadimitriou would leave the Italian tyremaker in coming weeks after just six months in the job.

The company said in a statement that the move was a mutual decision by the board and Papadimitriou, who is now considering a personal business initiative.

The executive was appointed as Pirelli’s general manager and co-CEO in July last year. The group said he would maintain his role as a member of the board and the strategies committee.

Chief Executive Marco Tronchetti Provera will temporarily take on Papadimitriou’s functions, the statement added.

Tronchetti said he had begun preliminary talks to assess common investment initiatives between his vehicle Camfin, which holds a stake of just above 10% in Pirelli, and Papadimitriou. Camfin last year said it was aiming to develop activities as a private equity investor in other companies.

Pirelli said it would immediately start looking for a new person to support internal management in the implementation of the group’s upcoming business plan, which is expected at the end of March.

Reporting by Giulio Piovaccari; Editing by Kirsten Donovan

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up