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Mr Tronchetti Provera says that he has clear ideas for reducing the debt, but cannot reveal them yet.
ECONOMIST: A risky move into telecoms has upset a lot of shareholders
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Provera said Pirelli, which started life as a family-run business and flourished into the world's fifth-largest tyre maker, is typical of Italian entrepreneurship.
CNN: Pirelli CEO: Europe must change austerity policies
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Pirelli, founded in 1872, employs 34, 000 people worldwide and Provera told CNN the company is looking to emerging markets to expand its business.
CNN: Pirelli CEO: Europe must change austerity policies
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"I think that in our country, we have an attitude towards entrepreneurship that is really one of the best assets for the country, " Provera said.
CNN: Pirelli CEO: Europe must change austerity policies
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Mr Tronchetti Provera has even more minority shareholders to keep sweet.
ECONOMIST: A risky move into telecoms has upset a lot of shareholders
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Pirelli's boss, Marco Tronchetti Provera, 53, though very much from the salotto buono himself, is typical of the new breed of Italian managers who promote the need for opening up.
ECONOMIST: A survey of Italy
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TI's chairmanship last September, Marco Tronchetti Provera, Pirelli's chairman, must be hoping that this will bring down the final curtain on an adventure that has proved hugely expensive for Pirelli's shareholders, of which he is the largest.
ECONOMIST: Telecom Italia