(Adds detail on previous business plan, timing of board departure)
MILAN, March 24 (Reuters) - Italy’s Pirelli said on Wednesday its Chief Executive Marco Tronchetti Provera had proposed Giorgio Luca Bruno as new deputy-CEO, with the task of supporting the tyre-maker’s new business plan to be presented at the end of the month.
Shareholders will vote on his appointment as both deputy CEO and board member at the company’s annual meeting (AGM) on June 15, Pirelli said in a statement.
Bruno - who is the current head of Prometeon, the tyre-maker that includes Pirelli’s former industrial vehicle business - is set to take office at Pirelli after the AGM.
Pirelli will present its new business plan to 2022 on March 31, replacing the one presented in February last year, before the implications of the novel coronvirus were apparent in Europe.
“The proposal ... also aims to strengthen the management team in consideration of the future succession pathway,” Pirelli said.
It follows the decision earlier this year of Pirelli’s General Manager and co-Chief Executive Angelos Papadimitriou to leave his position after just six months in the job.
Pirelli said on Wednesday that Papadimitrou would no longer be a board member with immediate effect, making the board position available for Bruno.
Papadimitriou was appointed in July last year and analysts had seen him as a candidate to become Pirelli’s CEO once Tronchetti Provera’s term expires in 2023.
Shareholders on Wednesday also approved the convertibility of a 500 million euro equity-linked bond due in 2025 that Pirelli issued in December, it said in a separate statement. (Reporting by Giulio Piovaccari; editing by Barbara Lewis)
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