MILAN, Italy—Angelos Papadimitriou will vacate his position as general manager and co-chief executive officer at Pirelli & C. S.p.A. after just six months in the job.
The Italian tire maker said the decision was mutual as Papadimitriou, who was named to the post in July, is pursuing "entrepreneurial elements in line with his experience gained over the years."
Pirelli said Papadimitriou, who owns 170,000 shares of the company, will continue to serve as a board member as well as a member of Pirelli's Strategies Committee.
Marco Tronchetti Provera, executive vice chairman and CEO, will assume Papadimitriou's responsibilities until a replacement is named.
"I thank Papadimitriou for the commitment generously given in these months of intense activity for the development of the strategic plan," Tronchetti Provera said, noting that both have worked with shareholder Camfin S.p.A. in order to develop "new investment initiatives also in consideration of the private equity pathway launched by Camfin itself."
In April 2020, Camfin said it was evaluating a partnership with Chinese rubber magnate Niu Yshun to increase its stake in the Italian tire maker's shares.
Pirelli said it would immediately start looking for a replacement to support the execution the group's next strategic plan.
