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Bozotti to Remain CEO as ST Elevates Heir Apparent

LONDON—STMicroelectronics NV said Thursday (April 27) that President and CEO Carlo Bozotti agreed to remain at the helm of the company for one more year. ST also elevated his presumed successor, Chief Operating Officer Jean-Marc Chery, to the position of deputy CEO.

On a first quarter earnings call Thursday), Bozotti said he agreed to remain in his position until July 2018.

“I have accepted the proposal to extend my role as president and CEO for one more year and I am fully committed to driving this company forward, with the support of my deputy CEO, Jean-Marc Chery, and a strong executive team,” Bozotti said.

Carlo Bozotti

Carlo Bozotti  

Bozotti’s previous contract was due to expire next month and the company has reportedly been searching for a replacement. Bozotti, an Italian who has been CEO of ST since 2005, turns 65 this year.

The French and Italian governments are both stakeholders in ST, with each holding a 14 percent stake in the firm. There has been speculation that they have failed to agree on whether the new CEO should be French or Italian, with each supposedly vetoing the other’s choices.

Asked whether the creation of a Deputy CEO position was the first step in a new succession plan, Bozotti declined to comment, highlighting instead that Chery’s contribution to the company’s turnaround up to now has been “very important.”

Chery, who is French, has been with the company since its formation in 1987. As COO, and previously chief technology manager, Chery has managed manufacturing technology and digital products. His new role will give him increased responsibility for sales and marketing.

To read the rest of this article, visit EBN sister site EE Times

5 comments on “Bozotti to Remain CEO as ST Elevates Heir Apparent

  1. mickeymatte
    April 29, 2017

    it is very nice post

  2. ncs.gov.in
    May 1, 2017

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  3. ncs.gov.in
    May 1, 2017

    Nice Article Buddy. After reading your post i am fan of your writing skills. Thanks for giving valuable details. Iam bookmarking your blog. National Career Service

  4. FenceBatonRouge
    May 5, 2017

    Story of this chip maker is going to continue to make news. I am going to keep a lookout.

  5. MrPhen375
    May 16, 2017

    Agree with you. I want to know more as well.

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