For the seventh consecutive year, Pirelli has been confirmed in the twice-yearly review of Financial Times sustainability indices FTSE4Good World and STOXX, which measure corporate performance in terms of respect for international standards of economic, social and environmental sustainability. British independent research provider Eiris, working for the Financial Times, evaluated among other corporate characteristics: sustainable supply chain management, ethical behaviour rules, means of prevention and management of risk, environmental impact management and relations with stakeholders. The review did not admit new companies to the Automobiles & Parts segment of the indices, continuing to include Pirelli as the only Italian company included in that segment.
The Board of Directors of Pirelli, which met today, reviewed and approved a new organizational structure for the Group. Coherently with the strategy and aim of the 2009-2011 industrial plan to focus on the core business, the company decided to simplify its organizational structure and regroup all activities directly supporting the core business under a new “Tyre and Parts” Department, to be headed by Francesco Gori, who also maintains his role as CEO and Managing Director of Pirelli Tyre.
The reorganization will allow for significant downsizing of the corporate level structures, with savings, once the reorganization is completed, of at least 10 million euros on an annual basis starting in 2010, and regrouping of operating activities necessary for growth of the core business: tyres (Pirelli Tyre) and filters (Pirelli Eco Technology) within the new Department, thus ensuring one single management of corporate processes. This Department will incorporate the activities of Purchasing, Administration and Control, Pirelli Labs, Advertising and Events, Human Resources, Health, Safety & Environment (which also reports to the Group General Counsel), and the Service Centers for information technology and administrative activities.
In addition to the new Department, the following will report directly to the Chairman:
the Group General Counsel, Francesco Chiappetta, who will be in charge of, in addition to Legal and Corporate Affairs, Group Compliance, the Risk Officer, Industrial Property, and Security;
the Finance Department, led by Francesco Tanzi, who joins the Group and who will be in charge of Finance, Tax, Budget, Risk Management and M&A. Francesco Tanzi was also appointed by the Board of Directors to be the Manager mandated to draft corporate accounting documents;
the Institutional and Cultural Affairs Department, headed by Antonio Calabrò;
the Image and Brand Extension Department, headed by Andrea Imperiali;
the Investor Relations Department, headed by Valeria Leone;
the Media Communications Department, headed by Maurizio Abet.
The following will also report directly to the Chairman: Maurizio Sala, as Group Controller (also in charge of Administration and Control for Pirelli Tyre); Human Resources, headed by Fabrizio Rutschmann, for HR strategy and senior management HR; Internal Audit, headed by Maurizio Bonzi; Pirelli Broadband Solutions; Pirelli Ambiente and PZero.
In line with the focus on industrial activities, the reorganization includes closing the Operations Department, headed by Claudio De Conto, who managed with skill and authority the roles and functions assigned to him in recent years. Claudio De Conto, who participated in mapping out the above-indicated Group reorganization, will now focus his activity, as CEO Finance, on Pirelli Real Estate. Together with the other CEO of Pirelli RE, Giulio Malfatto, Claudio De Conto will continue to manage the positive turnaround process underway.
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This is the outcome of the 2009 review by the SAM Group of the Dow Jones sustainability indices, in which Pirelli continues to be included both in the DJSI WORLD index and in the European DJSI STOXX index.
Within its segment, the Bicocca Group – the only Italian group that has achieved worldwide leadership – obtained a global rating of 88% (+ 11% with respect to 2008) compared with a segment average of 48%.
Exactly as in previous years, for the Autoparts & Tyres segment, only 4 companies were featured in the DJSI World index: Pirelli & C, Denso Corp, Michelin, and Johnson Control Inc., while only two are included in the DJSI STOXX: Pirelli and Michelin.
SAM (Sustainable Asset Management) is the Swiss ethical rating agency that carries out the process of selection of companies for admission to the Dow Jones Sustainability Index, a global index that brings together the best companies in the field of economic, financial, environmental and social sustainability, the result of collaboration between the Dow Jones New York stock exchange index, STOXX Ltd. and the SAM Group. Pirelli was selected and added to the Dow Jones Sustainability STOXX (DJSI STOXX) index for the first time in 2002 and has been included for years now also in the global Dow Jones Sustainability World Index