Ferro Rejoins STMicro as Finance Chief After Unit Split
STMicroelectronics NV (STM) said Carlo Ferro is returning to Europe’s biggest semiconductor maker as finance chief after the breakup of the company’s joint venture with Ericsson AB he helped run for about 18 months.
Ferro will resume his position as chief financial officer at the Geneva-based manufacturer starting today and will take on additional responsibilities, the company said in a statement today. Ferro was moved to ST-Ericsson last year to revive the joint venture, whose cessation was completed today.
STMicroelectronics and Ericsson decided to dissolve the 50-50 partnership, which designed chips used in mobile phones, in March after failing to find buyer during a three-month search. Ericsson said today the venture’s split is complete and 1,800 employees working with modems will join the Swedish company, while STMicro would take on the venture’s other parts.
STMicro said Ferro will also be responsible for legal, central operation planning, procurement, information technology and investor relations on top of his financial duties. He will work with Chief Executive Officer Carlo Bozotti, 60, who has headed STMicroelectronics since 2005.
Shares of STMicro rose 1.1 percent to 6.63 euros at 9:35 a.m. in Paris, increasing this year’s gain to 23 percent.
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