Vittorio Malacalza resigned from Pirelli SpA on May 10, stepping down from the position of deputy chairman and member of the board and prompting a clarification from the company’s corporate headquarters in Milan.
Malacalza indirectly owns 7% of Pirelli shares via the company’s 26% share in Camfin. Tyres & Accessories understands that Malacalza does not own or control any Pirelli shares directly. And with this in mind, the present situation must be seen in light of the ongoing – and highly complex – ownership/power dynamics at the top of Pirelli.
Whether he jumped or was pushed, the net results would seem to be in line with what a Financial Times report described as “an effort to shorten the chain of command at the group” a little over six months ago.
Making his resignation, Malacalza said: “I had noted that the formation of entrepreneurial decisions of importance in the life of the company takes place in ways that do not allow me to make my contribution, as for example recently happened regarding the choices that were made with regard to Prelios.”
However, the Milan headquarters saw things differently and, in taking stock of this statement, worked to clarify Malacalza’s role in proceedings.
Citing occasions where Malacaza didn’t speak out against the changes being made to Prelios, Pirelli summarized the situations like this: “it should be underlined that all the operations reviewed by the board of directors at meetings in which Mr. Malacalza took part were approved unanimously.” (Tyres & Accessories)
