German tyre distributor Reifen Krieg GmbH, part of the Fintyre Group of companies (Fintyre) active in tyre distribution and retail in Germany and Italy, filed bankruptcy proceedings on the evening of 6 February in Frankfurt, with lawyer Miguel Grosser appointed trustee. Tyrepress reported on Monday that the group’s chief executive officer, Claudio Passerini – who is also the CEO of the group’s umbrella organisation in Germany, Fintyre Group GmbH – had written to Fintyre’s German employees to inform them of restructuring necessary for the short-term to ensure its sustainable continuation in the wake of missed salary payments in January.
The Fintyre Group has grown considerably since Bain Capital first acquired Italian tyre wholesaler Fintyre early in 2017, but what does the future hold? Tyrepress.com understands that the company has told its employees in Germany that a restructuring of the Fintyre Group is taking place, and that this measure is now being felt in a very tangible way.
Having recently rebranded as Fintyre Group, the European tyre distribution specialist reports that it is also implementing a leadership succession plan.
Mauro Pessi will continue to be involved as executive chairman. As a board member the company says he will contribute to the long-term strategic direction of the company, working in close cooperation with Bain Capital.
European Fintyre Distribution (EfTD) has appointed Francesco Saccani as its new managing director of RS Exclusiv and TyreXpert. He will report directly to Claudio Passerini, CEO of EfTD Germany, and will be responsible for leading the development and growth of the companies in northern Germany. EfTD added that the companies would seek to “enhance synergies” with the rest of the group.
Following on from last week’s announcement of the respective appointments of Michael Schwöbel und Michael Borchert as chief financial officer and chief commercial officer, London-based platform company European finTyre Distribution has announced the hiring of a new chief executive officer for its recently-acquired operations in Germany. As of 15 November, Claudio Passerini has taken on this role at European finTyre Distribution Germany Holding GmbH, Reiff Reifen und Autotechnik GmbH and tyre1 GmbH & Co. KG.
The name Paul Hembery has been synonymous with Pirelli’s motorsport activities for a number of years now, but as of 15 March he will assume the additional role of executive president of the Pirelli LATAM Region consumer business. He takes over from Paolo Dal Pino, who was nominated chief executive officer of Pirelli Industrial last October and since then has maintained responsibility for the consumer business in Latin America on an interim basis. Pirelli adds that Claudio Passerini remains confirmed in the role of chief operating officer.