Puri Negri resigns as Pirelli RE chief executive

20/04/2009

Former actor that led the Milan-based company to be replaced by Giulio Malfatto, who returns to oversee a major reorganisation of its property operations

The chief executive ofItalian real estate companyPirelli REhas resigned after almost 20 years with the firm.

Carlo Puri Negri citedthe end of the cycle and a desire to move on in his career as the reasons for his decision.

He was replaced by Giulio Malfatto, a former Pirelli general manager. Malfatto, who had left Pirelli RE in 2006 to join Italian agency and fund management advisory Realty Partners, will oversee a major reorganisation of Pirelli's property activity.

"I know Pirelli RE well, its know-how, the value of its assets and its potential. It will be a challenge to implement the business model," said Malfatto, who has previously managed Pirelli's Societá Gestione Risparmio (SGR) vehicles.

Puri Negri, a former actor, joined Pirelli RE in 1989 when it was known as Milano Centrale Immobiliare.

A reshuffle of roles at the firmmeans that Claudio De Conto becomes finance director.

In February, Pirelli RE announced that it is aiming to raise €400m in new capital. A three-year business plan for the entire Pirelli entity means that the real estate subsidiary willl need to save up to €50m this year in operating costs.