Pirelli's new governance is approved. The shareholders' meeting resumed the appointment of the new board, which had been postponed pending the government's Golden Power determinations. The main difference is the shift at the top. Jiao Jian, the president and CEO of Sinochem, succeeds Li Fanrong as chairman of Pirelli. Marco Tronchetti Provera has been confirmed as Executive Vice President. The deputy CEO, Giorgio Bruno - to whom 3.8 million euros were paid as end-of-term treatment and for the two-year non-competition pact - exits the scene, and Andrea Casaluci enters, being appointed CEO of Pirelli on Camfin's proposal at the next board meeting on August 3, according to the new rules imposed by the government with the Golden Power. Six of the 15 Chinese shareholders are represented on Pirelli's board, where the government-imposed rules give greater governance powers to Italian shareholders led by Camfin di Tronchetti and greater autonomy to managers, particularly in the appointment of the first line of management and strategic decisions, for which ad hoc procedures and qualified majorities have been introduced.
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