Pirelli C. S.p.A’s Board of Directors confirmed Ning Gaoning as its chairman in a meeting where it reviewed and approved its financial results and outlook for the first six months of the fiscal year, which ended June 30.
Gaoning, who has a master’s of business administration from the University of Pittsburgh, also currently serves as chairman of the Sinochem Group, China Jinmao Holdings Group Ltd. and China’s ChemChem Petrochemical Corp. He has been a delegate of the 17th and 18th National Congress of the Communist Party of China, respectively, since 2007.
Ning also has nearly 30 years of experience in experience in real estate development and investment, business management, capital market and discipline inspection and internal control. He served as the General Manager of China Resources (Holdings) Co.,
In the first half of the year, Pirelli’s performance was in line with its focus on high value. Results show its growth, including in:
- The organic growth of revenues due to the Pirelli’s strengthening position in high value in all regions alongside a progressive reduction of the exposure to the standard segment
- The improvement of Pirelli’s price/mix.
- The increase of profitability by 1.5 percentage points to 18% (Adjusted Ebit margin before start-up costs against revenues).
- The strengthening of partnerships with prestige and premium car makers.
- The increase of high-value production capacity mainly in Europe and NAFTA.
- The reinforcement of distribution coverage in Europe, NAFTA, APAC, and LATAM
- The development of business programs that intercept the new needs of end customers (such as Cyber and Velo).
Pirelli says these initiatives are accompanied by projects for the digital transformation of the company and the reconversion of Aeolus branded production to Pirelli branded in the Jiaozou Aeolus Car factory.
To learn more about the company’s direction and results for the first half of 2018, click here.
