STM, Lorenzo Grandi in Cgd: will support CEO Chery

Italy and France reach an agreement to renew the top management of Stma company specializing in microelectronica controlled by Holding of Stmwhich holds 27.5% and is owned 50% by the French government through Ft1Ci and 50% by the Italian government through Mef.

Lorenzo Grandi joins the Management Board

The results of the negotiations, which were approved by the Management Board and will be presented to the shareholders’ meeting to be held on May 22 in Amsterdam, provide that the French. Jean-Marc Chery to remain at the helm of STM for another three years, until 2027, as president of the management board which will no longer be monocratic, but will be extended to include a finance director. Lorenzo Grandithus balancing Italy’s presence and role at the top of society.

A new administration

The Minister of Economy would work on the agreement personally, which provides for structural changes that will have to be approved by a meeting of shareholders and an amendment to the company law. Giancarlo Giorgetti. The executive committee, which will be made up of nine members, will remain in line with the two managers who lead the company. The confirmation of the current president on the management board until 2027 will also be proposed to the meeting, Nicolas Dufourcqsupported by the vice president Maurizio Tamagnini.

The tensions of recent weeks

The agreement between Italy and France for the leadership of STM comes after a few weeks of tension, during which there were rumors of opposition of the Italian government to the re-certification of Chery. Among the reasons that the rumors had emphasized was the fact that STM chose the French city of Grenoble as the site of the company’s new production site, which involved an investment of 2.9 billion euros by the French government in the scope of Law of Chips.

“Considering the work done in recent years, we believe that the reconfirmation of Chery as CEO is good for the company – we read in the documents that the Supervisory Board has issued to shareholders – based on his special skills necessary to properly carry out ‘activities as a member of management committee’, as well as its performance ‘since its first appointment in 2018’.

“We believe that investment decisions (geographic mix) are more related to the level of public subsidies that the country provides in specific projects and maintain an adequate supply chain and not for other reasons – comments to analysts of Balance – as recently suggested by journalists”

The reaction of the unions

“We positively evaluate the agreement reached between the Italian minister Giancarlo Giorgetti and the French Minister Bruno Le Maire for a government that is no longer a monocracy than a management committee – comments the national secretary End of Cisl, Massimiliano to us – After the strategic reorganization of the Stmicroelectronics business units, moving from three Adg units to two new ones – he continues – concern grew among employees that support for maintaining the investment at the Agrate and Catania sites would weaken, with a total of more than Employees 10,000, for investment in French websites. We are now waiting for confirmation of the maintenance of the investment plan at the Catania factory with the development of a silicon carbide substrate project that is unique in the European panorama, first of its kind and perhaps, there are conditions and skills for further investment in silicon carbide chips”.

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