Pirelli names new chairman as Sinochem boss resigns

MILAN, Italy—Pirelli & C. SpA has announced that its chairman of the board of directors, Ning Gaoning has stepped down from his position, effective Oct. 8.

The move is a result of Gaoning’s resignation from the role of chairman of Sinochem Holdings Corp., Pirelli’s Chinese state-owned parent company.

Pirelli added on Oct. 8 that Sinochem's new chairman Li Fanrong will “accept his eventual appointment by 'co-optation' onto the board of directors of Pirelli as well as for the role of chairman of the company.”

Pirelli executive vice chairman and CEO Marco Tronchetti Provera is to convene a board meeting to propose the “cooptation” of Li Fanrong and his subsequent nomination as chairman of the board of directors.

As of the statement date, Ning Gaoning does not hold shares and/or other financial instruments issued by Pirelli, the Italian tire group stated.