STM, the Supervisory Board will propose a new role for Chery to the shareholders

Another term at the helm of Stmicroelectronics, until 2027, for the current president and CEO Jean-Marc Chery, and CFO Lorenzo Grandi member of the management board for a period of three years. Stmicroelectronics’ management board will propose this at the shareholders’ meeting on May 22 in Geneva.

The reappointment comes after days of speculation about a possible change in leadership at the semiconductor company which, through parent company STM Holding, has the governments of Italy and France among its shareholders.

“The reconfirmation of Jean-Marc Chery as a member and president of the board was recommended on the basis of his special skills” that the group’s general manager has shown “since his first appointment in 2018”, we read in the documents published in light of the meeting with the board of management.

For Balance, “considering the work done in recent years we believe that the reconfirmation of Chery as CEO is good for the company”. According to analysts, decisions on the localization of investment, which is an aspect that was not satisfied with the Italian partners, “are more linked to the level of public subsidies that the country provides in specific projects and the maintenance of adequate supply and not to other reasons”.

At the meeting shareholders will also be asked to approve a dividend of 0.36 dollars per share (compared to 0.24 previously) which will be distributed in quarterly coupons, in the second, third and fourth quarters of 2024 and in the first quarter. of 2025.