Pirelli Tyre CEO resigns image

Pirelli Tyre S.p.A. CEO Francesco Gori is leaving as managing director of Tyre & Parts. The announcement follows continued speculation as to the future of Dr Gori, which began with newspaper reports that he was leaving to take up a new position outside of the tyre business.

Further details in the Italian media suggest that Gori will head up Milan-based fuel cell power business Bioccoca.

Mr. Gori, five days shy of his 60th birthday, will be bound by a three-year non-compete agreement, Pirelli said. The company did not disclose who, if anyone, would replace Mr. Gori.

Last week Pirelli has cut its investment plan and full-year sales target due to a general slowdown in demand.

On Tuesday, May 8th, Pirelli said it now expects for 2012 revenue to rise 14% to 6.45 billion euro, down from its previous goal of 6.6 billion. Investments will also fall from 560 million to 500 million. The company left the target for earnings before interest and tax at 800 million euro.

In April Italian business website Blitz Quotidiano reports that as far as salary is concerned Francesco Gori was second only to Marco Tronchetti Provera who ranked the highest paid executive in Italy with total remuneration of 22 million euros in 2011. Francesco Gori’s second place reportedly earned him 10.5 million euros.