Italy Seeks to Remove STMicro CEO Chéry Over Poor Performance
Italy's government wants to replace Jean-Marc Chéry, the man at the helm of Franco-Italian chipmaking joint-venture STMicroelectronics NV, for poor performance.
Rome wants to oust Chief Executive Officer Chéry, as it judges his performance insufficient amid compounding headwinds for the industry, people familiar with the matter told Bloomberg, declining to be named because they weren't authorized to speak publicly. Italy and France each hold a 27.5% stake in the company. STMicro's shares fell as much as 2.1% at 9:09 a.m. Paris time.
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