Overview

• The Italian government has called for the removal of STMicroelectronics CEO Jean-Marc Chery, citing dissatisfaction with his leadership and disputed share sales before negative financial disclosures.
• STMicroelectronics is facing significant financial challenges, including a 28% drop in Q1 revenue and a downturn in its core automotive and industrial markets.
• The company has confirmed plans to expand investments in Italy, including doubling production capacity at its Agrate facility by 2027, and has pledged to engage with trade unions on job security concerns.
• STMicro's supervisory board has denied insider trading allegations, stating that recent share sales were executed automatically under a stock plan administrator's procedures.
• Italy continues to push for greater influence within the company, with resistance emerging over the appointment of a senior Italian official, Marcello Sala, to the supervisory board.