Amidst STMicroelectronics announces that Carlo Ferro, Chief Financial Officer and President Finance, Legal, Infrastructure and Services, has informed the Company about his intention to step down from his position.
At the same time ST President and CEO Carlo Bozotti’s retirement also took limelight. Bozotti retirement will be effective at the conclusion of the Annual General Shareholders’ meeting, to pursue other personal opportunities.
On the other hand, Ferro will remain President of ST’s Italian affiliate until the end of 2018.
Citing on the shuffle, Bozotti commented, “Carlo has been associated with ST in various capacities since its IPO in 1994. Since then, he has strongly contributed to the Company’s average compound total return to shareholders of about 10% per year. In his role of CFO, and then with increased responsibilities in Legal, IP, Infrastructure and Planning, he has fully supported ST’s transformation, inspiring and driving key initiatives of product portfolio management, financial discipline, asset management and financing on the capital markets. Through his leadership, he has developed an outstanding and talented Finance organization”.
“I am grateful to Carlo, to the ST Supervisory Board and to all of my colleagues for such a unique professional opportunity during my time at ST. I remain committed to the Company and its shareholders with unchanged dedication during this period of transition and I wish to ST, and to all ST employees, all the best for the future”, said Carlo Ferro.
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