(Alliance News) - Giorgio Bruno on Tuesday surprisingly stepped down as deputy CEO of Pirelli & C Spa and will therefore not be the company's next CEO. This was announced by Camfin-which owns 14 percent of the company-in a note.

Bruno, it reads, "as of June 2021 Deputy-CEO of Pirelli, has expressed his desire to end his term as a member of the board of directors in order to devote himself to his own entrepreneurial activities and consequently his unavailability to be indicated as CEO of Pirelli."

Camfin then specifies that it will "nominate Marco Tronchetti Provera and Andrea Casaluci for the roles of executive vice chairman and CEO of Pirelli, respectively."

The company will proceed to designate its four candidates, including those mentioned above, "to Marco Polo International Italy Srl for the purpose of their inclusion in the list that it will present to the Pirelli Shareholders' Meeting, to be convened by July 31, 2023, for the renewal of the board of directors."

Andrea Casaluci, 50, who has been with Pirelli since 2002, has been Pirelli's General Manager Operations since 2018.

"After working for many years to guide the development of the Pirelli Group, I have decided to embark on my own entrepreneurial path that will absorb my professional energies in the future," Bruno explained.

Pirelli gives up 1.9 percent to EUR4.48 per share.

By Chiara Bruschi, Alliance News reporter

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