STM, management board re-appoints Chery CEO – News

The management board of STM has proposed to the shareholders’ meeting, scheduled for May 22 in Amsterdam, the re-appointment of CEO Jean-Marc Chery for another three-year term as member and president of the management board of the Italian-French group. of semiconductors, with confirmation in that body of CFO Lorenzo Grandi.


The re-appointment comes after rumors related to the opposition of the Italian government to the re-certification of Chery, which is accused of favoring France in the STM investment – which chose Grenoble for the new production site, a subsidy of 2.9 billion by the French government. as part of the Law of Chips – and in the administration of the company, where the cousins ​​from across the Alps would have a place to the detriment of the Italian representation.


Chery’s confirmation, we read in the documents available to shareholders, was decided by the management board “on the basis of his specific skills necessary to properly perform the role of a member of the management committee” as well as on the basis of “his.” performance” as president and CEO “since his first appointment in 2018”.


“Considering the work done in recent years, we believe that the reconfirmation of Chery as CEO is good for the company and we believe that decisions on investment (geographic mix) are more related to the level of public subsidies that the country provides in specific projects .and for the maintenance of an adequate supply chain and not for other reasons, as recently suggested by the press”, the opinion of Equita analysts.


STM is controlled by Stm Holding, which holds 27.5% of the capital and which is equally controlled by the Italian and French governments.

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