STMicroelectronics has announced that Carlo Ferro, President & CEO of ST-Ericsson, will resume his position of Chief Financial Officer of ST while taking on additional responsibilities.
In addition to the CFO role, Ferro will be responsible for legal, central operation planning, procurement, IT and investor relations. He will also remain President and CEO of ST-Ericsson, the 50:50 joint venture between ST and Ericsson, through the wind-down of the company.
Ferro has been ST’s CFO for nine years since May 2003 until March 2012, when he was temporarily assigned to ST-Ericsson.
“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 JV,” said Carlo Bozotti, President & CEO of ST. “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”.
“I would like to thank Mario Arlati for his dedication and contribution as CFO for the past eighteen months,” continued Bozotti. “Mario will now be responsible for Strategies and Business Management in the Sense & Power and Automotive segment, reporting to me”.
Ferro’s appointment will be effective from August 5, 2013.