STM reappoints Chery CEO after controversy over pro-French ruling From Investing.com

Investing.com – Management board of Stm (EPA:) (BIT:) proposed to the shareholders’ meeting, which will be held in Amsterdam on May 22, confirmation of Jean-Marc Chery as chairman of the board of management for a period of three years which will expire in 2027.

At the same time, the company announced that it wanted to recommend the re-appointment in the role of CFO to Lorenzo. Grandi who will also join the management board.

The news comes after rumors of journalists, distributed in recent days, according to which the Italian government would be opposed to the new powers for the French manager. Chery would be guilty of favoring France in terms of investment and in company management.

The door of Great on the board of management can quiet tension between Italy and France, balancing the weight of the two governments at the top of the company.

But the May 22 meeting will also represent an opportunity to vote the dividend increased to 0.36 $ per share for which quarterly distributions are expected, in the second, third and fourth quarters of 2024 and in the first quarter of 2025.

On the Milan Stock Exchange today the Italian-French company that produces semiconductor controllers is down 1.90% at 3.12pm.

In the last month, STM shares have fallen by more than 4% and the market capitalization as of March 22 stood at 35.95 billion euros.

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