Pirelli's Puri Negri to get €14m compensation package

Details have been revealed of Carlo Puri Negri’s compensation deal for leaving Pirelli Real Estate as a board director two years earlier than originally planned. As well as a €9.4 million pay off, he will get €3 million over two years for not competing against the company and €800,00 a year for a consultancy role.

Carlo Puri Negri, who resigned last week as chief executive of Pirelli Real Estate, has agreed a €14 million compensation package.

In a statement, the Milan-based company, which has a significant fund management business, said Puri Negri would be awarded €9.4 million as ‘indemnity’ for leaving as a director in advance of the natural expiration of his board mandate set for April 2011.

In addition, he has agreed a non-competition deal worth €3 million over two years. He will be paid that sum in return for a non competition agreement for one year and a non solicitation agreement regarding Pirelli employees for two years. Lastly, he will earn €800,000 for a consultancy role to Pirelli for two years.

Puri Negri is widely credited with growing Pirelli Real Estate into a powerful player in Italian real estate.

He joined Pirelli in 1989 as a board member and became chief executive in 1991.