STMicroelectronics board supports CEO after Italian government withdraws backing

Investing.com -- The supervisory board of STMicroelectronics NV (NYSE:STM), a Franco-Italian company, has expressed renewed support for its Chief Executive Officer Jean-Marc Chery, Chief Financial Officer Lorenzo Grandi, and the entire management team.

This backing comes a day after the Italian government publicly withdrew its support for the chipmaker’s management.

The board’s endorsement was announced on Thursday, reaffirming their faith in the management team’s ability to execute a transformation during what they acknowledged as challenging times for the semiconductor industry.

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