Italy Pulls Support for STMicro CEO as Board Battle Heats Up

The Italian government is withdrawing its support for STMicroelectronics NV Chief Executive Officer Jean-Marc Chery and his management team, Finance Minister Giancarlo Giorgetti said.

Tensions have spiked between Rome and the French-Italian chipmaking venture after it rejected Italy’s nomination of Marcello Sala to its supervisory board, a decision Giorgetti called “incomprehensible, very serious and unacceptable.”