Italy seeks to remove CEO of Apple supplier STMicro over poor performance

Italy’s government wants to replace Jean-Marc Chéry, the man at the helm of Franco-Italian chipmaking joint-venture and Apple supplier STMicroelectronics NV, for poor performance.
Donato Paolo Mancini and Tommaso Ebhardt for Bloomberg News:
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Rome wants to oust Chief Executive Officer Chéry, as it judges his performance insufficient amid compounding headwinds for the industry, people familiar with the matter told Bloomberg, declining to be named because they weren’t authorized to speak publicly. Italy and France each hold a 27.5% stake in the company.
The news comes at a critical juncture for the STMicro, which has called 2024 one of the worst years in decades for the industry. In January, it forecast first-quarter net revenue that missed analysts’ expectations. Bloomberg reported it was looking to cut as many as 3,000 jobs amid a persistent slump in demand. STMicro’s shares are down 37% over the last 12 months.
Italian officials have acknowledged they may lack the instruments to usher in a replacement, the people said. The decision on the matter is set to become a topic of discussion between Rome and Paris…
Among its customers are Apple Inc. and Tesla Inc.

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MacDailyNews Take: Where’s STMicro’s board?

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