Pirelli & Cie SpA's board has confirmed Andrea Casaluci as the company's CEO and has announced a billion-dollar investment in the tiremaker's U.S. operations.

Approval of the investment, which could range between $1 billion and $1.2 billion, will be sought at an upcoming Pirelli board meeting.

In related news, Pirelli has confirmed Marco Tronchetti Provera as its chairman, adding that he "holds the legal representation of the company and the other powers foreseen in the current bylaws, giving him power in relation to general strategies, also financial and organizational and supervision of the proposal, activation and implementation of the budget and the multi-year strategic, industrial and financial plans of Pirelli and its group by the chief executive officer of Pirelli, as well as the powers relative to communication, shareholder relations and national and international institutional relations."

Provera indirectly holds 26.49% of Pirelli's shares.