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:
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.
MacDailyNews Take: Where’s STMicro’s board?
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Nothing like good old Socialism, governments buying into and controlling certain businesses (picking winners and losers)… I wonder if Italy and France had no ownership what other spinoffs and other competitive companies may have emerged out of their countries to take them on and thrive and diversify? Well, we will never know now will we? Who in their right mind is going to do such a thing in those countries with Government backing of your potential competition? Uh, that be zero.
And of course the governments will blame the company, for any and all failures, never looking in the mirror. It’s a bit like watching Jerry Jones meddle in his Dallas Cowboys, constantly snatching defeat from the jaws of victory.
Question: Which will fall first? Italy or France? My money is on France, within 10-years the government will fall to a quasi-Islamic state solution.
Centuries of pushback against the Persian empire, but now, a godless continent that no longer cares much of its once had freedoms, liberties, culture, to which the Islamic state says “Thank you. It is only a matter of time, and that time grows shorter by the day. Please, continue tightening the noose on freedoms, so when we take over our newfound control and way of life won’t seem drastically worse.”
Amazing.
But true it is: Those who do not learn from history are destined to repeat it.
Freedom