Market Chatter: STMicroelectronics CEO Jean-Marc Chery's Ouster Sought by Italian Government

MT Newswires Live

Feb 25

STMicroelectronics (STM) Chief Executive Jean-Marc Chery has been targeted for removal from his position by the Italian government over poor performance in overseeing the chipmaker, Bloomberg reported Tuesday, citing unnamed people familiar with the industry.

The Italian and French governments each hold a 27.5% stake in the company but Rome regards the chief executive's oversight of the joint venture as unsatisfactory, the report said.

The company has faced an industry-wide decline in demand for its automobile and industrial chips, the report said.

The news of Italy's hope to oust Chery was first reported Monday by the French news outlet Les Echos.

STMicroelectronics did not reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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