Pirelli RE's outgoing Chief Executive Carlo A. Puri Negri was granted a record EUR 9.4 mln payout by the board last week and an additional EUR 3 mln as part of a 'non-competition agreement' and a 'non-solicitation agreement' regarding the group's employees over the next two years, the company said on Friday.
Pirelli RE's outgoing Chief Executive Carlo A. Puri Negri was granted a record EUR 9.4 mln payout by the board last week and an additional EUR 3 mln as part of a 'non-competition agreement' and a 'non-solicitation agreement' regarding the group's employees over the next two years, the company said on Friday.
Puri Negri, who announced his departure about a month after the company unveiled a pre-tax loss of EUR 266 mln in March, has also signed a consulting agreement with the company for two years for a gross annual fee of EUR 800,000.
'The board approved a total gross amount of EUR 9.4 mln as indemnity for anticipated expiration of the director's mandate, with consequent waiver of any expectations, demands or actions of any title vis a vis the company,' the company said.
Pirelli RE's Remuneration Committee, which was advised by the Hay Group, and law firm Studio Legale Trifirò & Partners, stressed that Puri Negri started to work in the Pirelli Group in 1989 and that he 'maintained up to the end his ownership of shares he subscribed to following the listing, sharing the related risks and opportunities together with all the other shareholders.'
