Pirelli RE announced on Thursday that Carlo A. Puri Negri is leaving the company after being in charge of the Milan-based company for almost 20 years. Giulio Malfatto is joining the group as new Managing Director, the group added. Malfatto is returning to the group having worked in Pirelli RE up until 2006. He held the position of General Manager until June 2003, after which he became Managing Director of Pirelli RE SGR.
Pirelli RE announced on Thursday that Carlo A. Puri Negri is leaving the company after being in charge of the Milan-based company for almost 20 years. Giulio Malfatto is joining the group as new Managing Director, the group added. Malfatto is returning to the group having worked in Pirelli RE up until 2006. He held the position of General Manager until June 2003, after which he became Managing Director of Pirelli RE SGR.
'I am leaving the company at the end of a cycle, after years of intense and stimulating work in which, together with my staff, to whom I extend my warmest thanks, we have created a business that, up until the crisis hitting the entire sector, was known for its dynamism and innovation. We have embarked on a deep reorganisation in recent months, which I hope will allow Pirelli RE to emerge successfully from this phase of the economic cycle,' said Carlo Puri Negri.
Claudio De Conto, currently Managing Director Finance, retains all his responsibilities of supervision and guidance in the financial area.
Pirelli RE embarked on a reorganisation in 2008 in a bid to deal with the new outlook for the real estate sector. This reorganisation involves a new structure focused on the activities in Italy and Germany/Poland; the reduction in operating and fixed costs, which should result already in 2009 in savings of some EUR 50 mln and the restructuring of its Non Performing Loan business.
