Latest news with #Jean-MarcChery
Yahoo
8 hours ago
- Automotive
- Yahoo
STMicro Will Eliminate 5,000 Jobs in the Next Three Years, Says CEO
CEO Jean-Marc Chery revealed at a BNP Paribas event in Paris that STMicroelectronics N.V. (NYSE:STM) will lose 5,000 workers over the next three years, including 2,800 job layoffs that have already been publicized. A worker assembling the inner circuitry of a semiconductor product. It is anticipated that 2,000 of the total will depart naturally, with voluntary departures making up additional reductions. Chery pointed out that continuing talks with local authorities were the reason for implementation delays, especially in Italy. The French and Italian governments jointly share a 27.5% interest in STMicroelectronics N.V. (NYSE:STM), which employs 50,000 people worldwide. Its cost-cutting initiative, which was started in late 2024, is to reduce the workforce through early retirement and attrition in order to save hundreds of millions by 2027. In April, the business announced that 1,000 of the 2,800 scheduled layoffs would be voluntary in France. According to reports, the Italian government has opposed further cuts and has pushed to limit them to 1,000. Market declines and CEO-targeted insider trading accusations, which the company refutes, are additional factors putting pressure on the business. While we acknowledge the potential of STM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 10 High-Growth EV Stocks to Invest In and 13 Best Car Stocks to Buy in 2025. Disclosure. None.
Straits Times
a day ago
- Business
- Straits Times
Chipmaker STMicro to cut 5,000 jobs in next 3 years, says CEO
STMicroelectronics expects 5,000 staff to leave the company in the next three years, including 2,800 job cuts announced earlier in 2025. PHOTO: REUTERS Chipmaker STMicro to cut 5,000 jobs in next 3 years, says CEO Amsterdam - STMicroelectronics expects 5,000 staff to leave the company in the next three years, including 2,800 job cuts announced earlier in 2025, its chief executive said on June 4. Around 2,000 employees will leave the Franco-Italian chipmaker due to attrition, bringing the total count with voluntary departures to 5,000, CEO Jean-Marc Chery said. He added that discussions with stakeholders and authorities over implementation of the cost-cutting programme were on track. In an apparent reference to Italy, he said: 'I do think that one country specifically is harder. And most likely, okay, could delay a little bit our speed of implementation', Mr Chery said. Over the last months, Italy's government has expressed discontent with the firms' chief executive, as STMicro faces a sustained downturn in its key markets, and accused him of insider trading. The company denies those allegations. STMicro, in which the Italian and French governments own a combined 27.5 per cent share through a holding company, employs 50,000 people worldwide. In November 2024, STMicroelectronics detailed its cost cutting programme to save hundreds of millions by 2027, with workforce reductions from attrition and early retirement. In April, STMicro said voluntary departures would cut 1,000 jobs in France, out of 2,800 planned outside of attrition, while talks with Italy were ongoing. Reuters had reported in the same month Italy pressed to limit the job cuts to 1,000. Italian unions on June 4 said the 1,200 redundancies the company announced at the Agrate plant in the northern region of Lombardy were 'unacceptable' and asked for an urgent meeting with the Italian government to discuss the situation. Mr Chery also said on June 4 he saw signs of a market upturn this year. STMicro shares closed up 11.1 per cent at 24.94 euros per share, in their biggest one-day gain since late March 2020. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
2 days ago
- Business
- Business Times
STMicro to cut 5,000 jobs in next 3 years, says CEO
[AMSTERDAM] STMicroelectronics expects 5,000 staff to leave the company in the next three years, including 2,800 job cuts announced earlier this year, its chief executive said on Wednesday (Jun 4). Around 2,000 employees will leave the Franco-Italian chipmaker due to attrition, bringing the total count with voluntary departures to 5,000, Jean-Marc Chery said at an event in Paris hosted by BNP Paribas. The CEO added that discussions with stakeholders and authorities over implementation of the cost-cutting programme were on track. In an apparent reference to Italy, he said: 'I do think that one country specifically is harder. And most likely, okay, could delay a little bit our speed of implementation', Chery said. Over the last months, Italy's government has expressed discontent with the firms' chief executive, as STMicro faces a sustained downturn in its key markets, and accused him of insider trading. The company denies those allegations. STMicro, in which the Italian and French governments own a combined 27.5 per cent share through a holding company, employs 50,000 people worldwide. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In November last year, STMicroelectronics detailed its cost cutting programme to save hundreds of millions by 2027, with workforce reductions from attrition and early retirement. In April, STMicroelectronics said voluntary departures would cut 1,000 jobs in France, out of 2,800 planned outside of attrition, while talks with Italy were ongoing. Reuters had reported in the same month Italy pressed to limit the job cuts to 1,000. Italian unions on Wednesday said the 1,200 redundancies the company announced at the Agrate plant in the northern region of Lombardy were 'unacceptable' and asked for an urgent meeting with the Italian government to discuss the situation. Chery also said on Wednesday he saw signs of a market upturn this year. Shares closed up 11.1 per cent at 24.94 euros per share, in their biggest one-day gain since late March 2020. REUTERS
Reuters
2 days ago
- Business
- Reuters
STMicro to cut 5,000 jobs in next 3 years -CEO
June 4 (Reuters) - STMicroelectronics ( opens new tab expects 5,000 staff to leave the company in the next three years, including 2,800 job cuts announced earlier this year, its chief executive said on Wednesday. Around 2,000 employees will leave the the Franco-Italian chipmaker due to attrition, bringing the total count with voluntary departures to 5,000, Jean-Marc Chery said at an event in Paris hosted by BNP Paribas. "At the end, it's 5,000 people that will leave the company," he said. Chery said that discussions with stakeholders and authorities over implementation of its cost cutting program were on track. In an apparent reference to Italy, he said: "I do think that one country specifically is harder. And most likely, okay, could delay a little bit our speed of implementation", Chery said. Over the last months, Italy's government has expressed discontent with the firms' chief executive, as STMicro faces a sustained downturn in its key markets, and accused him of insider trading. The company denies those allegations. STMicro, in which the Italian and French governments own a combined 27.5% share through a holding company, employs 50,000 people worldwide. In November last year, STMicroelectronics detailed its cost cutting program to save hundreds of millions by 2027, with workforce reductions from attrition and early retirement. In April, STMicroelectronics said voluntary departures would cut 1,000 jobs in France, out of 2.800 planned outside of attrition, while talks with Italy were ongoing. Reuters had reported in the same month Italy pressed to limit the job cuts to 1,000. During the same event, the CEO of STMicroelectronics said he saw signs of a market upturn this year.
Yahoo
2 days ago
- Business
- Yahoo
STMicroelectronics CEO sees signs of market upcycle, to meet Q2 targets
(Reuters) -STMicroelectronics' chief executive said on Wednesday that the French-Italian chipmaker has seen signs of an upcycle — a period of increased market demand — which will boost its results in the coming quarters. Speaking at an event hosted by BNP Paribas, CEO Jean-Marc Chery said STMicro would deliver at least the mid-point of its second-quarter guidance. It had forecast revenue of $2.71 billion at mid-point for the quarter in its last earnings report.
