STMicroelectronics(NYSE:STM) has announced a major change to its executive management position with the addition of Carlo Ferro as the Chief Financial Officer of ST. As per this new role, Ferro will be responsible for legal, central operation planning, procurement, IT and investor relations. He will continue to function as President & CEO of ST-Ericsson.
Carlo Bozotti, President & CEO of ST, said, Over the past eighteen months, Carlo has done an outstanding job in ST Ericsson as Chief Operating Officer and then leading the company as CEO through the transition towards the split up of the joint venture. Under Carlo’s leadership, the transition has occurred on plan with lower exit costs than anticipated while minimizing the social impact. We will benefit from his return to a fully operational role at ST with extended responsibilities.
He continued, I would like to thank Mario Arlati for his dedication and contribution as CFO for the past eighteen months. Mario will now be responsible for Strategies and Business Management in the Sense & Power and Automotive segment, reporting to me.
Ferro has been ST’s CFO for nine years since May 2003 until March 2012, when he was temporarily assigned to ST-Ericsson.
