Who is marco tronchetti provera

Giorgio Luca Bruno. Trending People. Federal Communications Commission. Maruti Suzuki India Limited. IndusInd Bank Ltd. China Telecom Corp. Here's the road map for how the supply-chain logjam will get unclogged. It might Trending Organizations. Telecom Italia Few could have predicted the following move. The deal proved to be fairly complex. In Olivetti had taken a 55 percent shareholding in Telecom Italia as part of a highly-leveraged management buyout.

To facilitate the transaction, Pirelli established a new holding company named Olimpia, with Pirelli holding a 60 percent stake in the new company. Within a short time, Provera had turned around the fortunes of the debt-laden Telecom Italia. Indeed, the tyre division, which had been put on the back burner since the mids, was proving to be an unexpected success. As always under Provera, change was not far over the horizon. In , Pirelli sold Olimpia — and hence its entire shareholding in Telecom Italia — to a group of Italian banks and investors including Intesa, Mediobanca, Generali, Sintonia and Telefonica.

True to his tried and tested formula, Provera made two-thirds of its staff redundant, sold off a collection of non-core assets, and implemented a rights issue to help reduce its debts.

He promoted the use of robot-driven factories that cut costs and sped up production. Tronchetti Provera also took a risk by funding company researchers who asked for more money to develop a fiber-optic network. His investment paid off, and in Pirelli developed the technology that formed the backbone of the Internet. His changes at the company restored the financial health of Pirelli, prompting many brokers to switch their recommendations on the company to "buy.

Pirelli and Benetton shared many traits, making them good partners in the deal. Both companies and families largely shunned the political scene, while combining discretion in business with a sense of style. Tronchetti Provera told the Wall Street Journal that "it has been an easy relationship from the beginning. We understand each other. We go straight to the point and don't waste time.

And we're both interested in creating value" July 31, He went on to point out that both he and Pirelli brought expertise in industry, marketing, and information technology, all of which could be used to revitalize what had been an inefficient state-run monopoly.

Telecom Italia would provide Tronchetti Provera with a chance to show his skills in turning around a declining company. Tronchetti Provera's job was not easy at the start. Some shareholders were not happy with the takeover, because it did not pay a premium to minority investors. Also, one of Tronchetti Provera's first moves was to ask for a capital increase, leading many shareholders to assume that the new management expected them to pay for the company's debt.

Furthermore, the terrorist attacks of September 11, , in the United States negatively affected the industry, and share prices dropped. Tronchetti Provera said that the first several months after the takeover had been the most difficult of his career.

By late Tronchetti Provera had begun to regain investor confidence with the presentation of a detailed new industrial strategy. He told the Wall Street Journal that "my goal is to regenerate confidence in the company and regenerate self-confidence in the people who work for this company" October 16, His formula for turning around Telecom Italia including selling off assets, reducing debt, bringing in new managers, and succeeding in the mobile phone sector. Tronchetti Provera was part of a changing of the guard in European business circles.

In Italy, especially, executives had always been easygoing and collegial.