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iniewski
As expected...after two years of trying to turn around they still had as large ...
ST-Ericsson's CEO steps down
Peter Clarke
3/11/2013 5:24 AM EDT
LONDON – Didier Lamouche, chief operating officer of STMicroelectronics NV and president and CEO of ST-Ericsson, has resigned to "pursue other opportunities" effective March 31.
Lamouche's departure comes after STMicroelectronics made a decision to exit from its mobile handset chip venture with Ericsson. That exit is expected to happen sometime during 2013. No replacement has been announced for Lamouche in his positions at either ST-Ericsson or STMicroelectronics.
Lamouche's COO role at STMicroelectronics was suspended when he took on the job of leading the loss-making ST-Ericsson in December 2011.
In the financial results for 4Q11, immediately after Lamouche became CEO, ST-Ericsson made a net loss of $231 million on sales revenue of $409 million. In the most recent quarter's results, those for 4Q12, ST-Ericsson made an adjusted loss of $133 million on sales revenue of $358 million.
"Over the past years Didier has brought his strong contribution to ST, initially as the Chief Operating Officer, and then taking the challenging task to lead ST-Ericsson," said Carlo Bozotti, president and CEO of ST, in a statement.
Hans Vestberg, chairman of the ST-Ericsson board of directors, said: "Didier Lamouche came into ST-Ericsson when the company was in a very challenging situation and has been instrumental in bringing the company to the point where it is more focused on strategy execution, has a much lower break-even point and positive momentum where the new LTE modem-based products are ready for market introduction this year."
Lamouche will remain in his current position until March 31, 2013.
Related links and articles:
ST-Ericsson shows FDSOI smartphone processor
ST-Ericsson passing processors to ST, cutting staff
London Calling: Whither ST?
Why ST should sell ST-Ericsson to China
ST-Ericsson replaces CEO with ST's Lamouche
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iniewski
3/12/2013 2:31 PM EDT
As expected...after two years of trying to turn around they still had as large losses as before (last quarter $133 million on sales revenue of $358 million)
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