(Alliance News) - Pirelli & C Spa announced Wednesday that Andrea Casaluci, who will be named to the post of chief executive officer of the company, in coordination with current executive vice president and chief executive officer Marco Tronchetti Provera, has decided to propose to the board of directors the establishment of the Corporate General Management under him, entrusting its responsibility to Francesco Tanzi, who returns to the Pirelli Group after leaving Iveco Group NV.

The board of directors will also be asked to appoint Marco Tronchetti Provera as executive vice president, delegating to him powers relating to general strategies, supervision of the implementation of the industrial plan, and powers relating to communications, corporate affairs and internal controls, and relations with shareholders and institutions.

The ad will have the power among other things-in coordination with the executive vice president-to propose to the board of directors the business plan, the annual budget, and any resolution concerning industrial partnerships or strategic joint ventures.

The ad and Corporate General Manager will be delegated the day-to-day management of Pirelli and - under the supervision of the executive vice president - the power to implement the business plan and budget.

The newly formed General Corporate Department will report to the current Finance and Services, Sustainability and Future Mobility, Chief Legal Officer, Chief Digital Officer and Pirelli Hangar Bicocca functions.

The Administration Planning and Controlling function and Executive in Charge as well as the Chief Human Resources Officer will report to the ad.

On Wednesday, Pirelli closed in the green by 1.0 percent at EUR4.50 per share.

By Claudia Cavaliere, Alliance News reporter

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