MILAN, Italy—Pirelli & C. S.p.A.'s board of directors has approved plans to list the restructured company's shares by the first half of 2018, either on the Milan stock exchange or “one of the leading stocks exchanges at the international level.”
The board reached its decision at a meeting this week in Milan, where it also approved the 2016-2018 industrial plan for what now comprises Pirelli's consumer businesses, and aligned it with a plan by Pirelli and China National Chemical Co. to merge their respective commercial/industrial businesses under the control of Aeolus Tyre Co. Ltd.
The industrial plan calls for the “total digitization of industrial, commercial and management processes” to achieve more efficiency based on predictive models through the use of data and analytics.
Regarding the stock listing, the board called for “launching all the necessary actions” to prepare an initial public offering throughout 2017 with the goal of listing the stock in 2018.
Also during the meeting, the board made several executive appointments meant to support the company's move to a more “consumer-centric approach” business model, with strengthened leadership in the high profitability prestige and premium segments.
The board announced that Paolo Dal Pino, currently CEO of the firm's Latin American region, will be the CEO of Pirelli Industrial, while Luigi Staccol, general manager of Pirelli Digital, will supervise activities aimed at the digitization of the company.
Roberto Righi was named chief commercial officer, commercial, with responsibility for the management of all commercial structures (marketing, supply chain, aftermarket sales) and the moto (two-wheeler tires) business unit.
Maurizio Boiocchi was appointed as general manager technology and also will assume responsibility for all technical structures (R&D, homologations, technologies, manufacturing, quality, motorsport) and sales to OE customers.
Pirelli also announced that Gregorio Borgo, general manager, operations, since September 2013, will leave the company at the end of the year. As such, Pirelli is reassigning his responsibilities for industrial operations, supply chain, product and OE, aftermarket and marketing.