Marco Tronchetti Provera returns as Pirelli president after an 11‑year absence, while Chinese shareholders block the budget approval

Executive summary: Pirelli’s assembly appointed Marco Tronchetti Provera as president for 2026‑28 and ratified the financial statements, with Sinochem‑linked directors opposing the budget. The vote signals a shift in governance amid ongoing golden‑power scrutiny of Chinese investment in Italy’s strategic tire maker, balancing domestic leadership with foreign shareholder influence.

Who is involved: Marco Tronchetti Provera, Pirelli board and shareholders, Sinochem (Chinese shareholder), Italian government via golden‑power oversight

Likely next: The new board will meet on June 30 to appoint executive officers and define strategy., Further negotiations with Sinochem over budget and capital allocation are expected., Potential additional golden‑power conditions on future investments may be imposed.

Pirelli’s shareholders voted to reinstate Marco Tronchetti Provera as president for the 2026‑28 term and approved the company’s financial statements, although the three Sinochem‑aligned directors voted against the budget. The outcome highlights the tension between the veteran Italian manager’s desire to steer the group and the Chinese shareholder’s reluctance to endorse the current financial plan, all under the watch of Italy’s golden‑power rules that give the state veto power over strategic foreign investments.