Latest news with #STMicro
India.com
a day ago
- Business
- India.com
Massive layoffs in this company, to sack 5000 employees due to…, not Ratan Tata's TCS, Narayana Murthy's Infosys or Azim Premji's Wipro, it is…
Ratan Tata and Azim Premji (File) STMicroelectronics anticipates a total of 5,000 employees to exit the company over the next three years, including 2,800 job cuts announced earlier this year, according to Chief Executive Jean-Marc Chery. Speaking at a BNP Paribas event in Paris on Wednesday, Chery noted that around 2,000 employees are expected to leave the Franco-Italian chipmaker through attrition in which voluntary departures also contribute to the overall reduction. The CEO added that discussions with stakeholders and authorities over implementation of the cost-cutting program were on track. 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. In the last few 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. The Italian and French governments own a combined 27.5% share in STMicro, through a holding company which employs 50,000 people worldwide. STMicroelectronics had revealed its cost cutting program last year according to which they wanted to save hundreds of millions by reductions from attrition and early retirement were also part of it. In April, STMicroelectronics said voluntary departures will 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. Chery also said on Wednesday he saw signs of a market upturn this year. Shares of the company closed up 11.1% at 24.94 euros per share which was their biggest one-day gain since late March 2020. (With Inputs From Reuters)
Straits Times
2 days 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.
Reuters
01-05-2025
- Business
- Reuters
STMicroelectronics to cut 1,000 jobs in France, Italy talks ongoing
April 30 (Reuters) - STMicroelectronics ( opens new tab will cut around 1,000 jobs in France, it said on Wednesday, representing more than a third of the 2,800 layoffs planned by its cost-cutting program, and 9% of its France headcount. The French-Italian chipmaker also said talks with Italian employee representative bodies were ongoing. The news comes after Reuters reported on Tuesday that Rome aims to limit the Italian layoffs to roughly 1,000 and is pressing for as many in France. STMicro counts about 11,500 employees in France, and 12,700 in Italy according to its 2024 annual report. "In France, the Group estimates that around 1,000 people could choose to leave the company on a voluntary basis by 2027." STMicro said in an emailed statement. STMicro did not indicate the distributions of the cuts, but had previously indicated a reshuffle, opens new tab in its manufacturing capacity in Tours and Crolles sites, either converting legacy wafer production to other activities or relocating them to different STMicro sites, notably to Singapore. The company, in which the Italian and French governments own a combined 27.5% share through a holding company, employs 50,000 people worldwide and has been facing a sustained downturn in its key automotive and industrial markets.
