Why did Pirelli's shareholders appoint a new board dominated by Camfin and Marco Tronchetti Provera, and what role did the Italian government play?

Pirelli's shareholders appointed a new board dominated by Camfin — the investment vehicle of long-time leader Marco Tronchetti Provera — following the Italian government's imposition of curbs on Chinese state-owned investor Sinochem using 'golden powers' to protect strategically important companies; these restrictions limited Sinochem’s influence by allowing it to appoint only three board members while excluding it from top executive roles like chairman or CEO.

What is the ownership structure of Pirelli after the board election, and how does it affect governance control?

After the board election, Camfin holds a 26.2% stake and secured 12 of 15 board seats, giving it dominant governance control, while Sinochem remains the largest shareholder with a 34.1% stake but is restricted by Italian 'golden powers' to only three board seats and barred from holding the chairman or CEO positions.

Pirelli Appoints New Board Dominated by Company Veteran Tronchetti Provera

Jun 25, 2026

Pirelli shareholders approved a new board dominated by Italian investor Camfin, reducing Chinese state-owned group Sinochem's influence amid government restrictions. CEO Andrea Casaluci is expected to remain while Marco Tronchetti Provera becomes executive chairman.

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