Sinochem boss named as Pirelli chairman

Milan, Italy – Pirelli & C. SpA has presented two lists of candidates for the board of directors to be voted on in the upcoming shareholders meeting scheduled for 31 July.

The list presented by Sinochem-owned Marco Polo International, and also on behalf of Camfin SpA, nominated Jiao Jian as the future chairman of the board of directors, said Pirelli 7 July.

Jiao Jian has been serving as the director and president of Sinochem Holdings since March.

Absent from the list were current chairman Li Fanrong, and tire industry veteran Wang Feng, who joined the Pirelli board in March.

The Marco Polo and Camfin combined list also included Marco Tronchetti Provera; Andrea Casaluci; Chen Aihua; Zhang Haitao and Chen Qian.

Independent directors on the list included Alberto Bradanini; Michele Carpinelli; Domenico De Sole; Fan Xiaohua; Marisa Pappalardo and Grace Tang.

The two companies, which together own 51% of Pirelli’s shares, also presented a number of proposals to be summited at the meeting.

Among other measures, the Pirelli shareholders proposed to cap the annual compensation of directors at of €2.5 million.

A group of savings management companies and institutional investors that hold a 1.33% share in Pirelli presented their list of independent candidates, which included Roberto Diacetti; Paola Boromei; and Giovanni Lo Storto.