STMicroelectronics seeks one-year renewal for CEO Chery (updated)
UPDATE 1-STMicroelectronics seeks one-year renewal for CEO Chery Updates with company quote in paragraph 3 and background in paragraph 4
Oct 13 (Reuters) - STMicroelectronics STMPA.PA said on Tuesday its supervisory board had proposed CEO Jean-Marc Chery to stay on in the role for another year.
The Franco-Italian chipmaker said the board would put the one-year renewal to shareholders for approval at the 2027 annual general meeting. Chery would continue as the chairman of the managing board and as president and CEO.
"The decision recognises the importance of continuity in ST’s strategy, discipline in execution and the momentum achieved under Chery’s leadership," the company said in a statement.
Chery has faced pressure from Italy, which together with France owns 27.5% of STMicro. Last year, Italy’s economy minister cited "criticism and opposition" towards him, though the sides later sought to settle their differences.
(Reporting by Nathan Vifflin in Gdansk, editing by Milla Nissi-Prussak)
((nathan.vifflin@thomsonreuters.com; gdansk.newsroom@thomsonreuters.com; +48 58 769 67 13;))
Recent news on STMicroelectronics
See all newsEuropean chip stocks fall as AI financing fears hit sentiment
European AI-exposed stocks fall after hot US inflation fuels global selloff
European AI-exposed stocks caught up in global rout
Chip stocks lead losses in Europe as AI selloff spreads
STMicroelectronics seeks one-year renewal for CEO Chery (updated)