SAN FRANCISCO—Chip vendor STMicroelectronics NV Thursday (Sept. 13) announced a host of executive changes and said the company plans to present a new strategic plan in December.
ST (Geneva) said the goal of the strategic plan would be to accelerate the company's roadmap toward its previously announced financial model, taking into account the changed market environment. The company said it wanted the two pillars of its business, analog and digital ICs, to become sustainable segments of ST as quickly as possible. Earlier this week, ST announced that it was planning production stoppages at its wafer fabs in Crolles, France, and Catania, Italy, amid reports that CEO Carlo Bozotti will soon announce a reorganization of the company that may include a change of business model.
Among the executive changes ST announced Thursday was the resignation of Philippe Lambinet, executive vice president, corporate strategy officer and general manager of the company's digital sector. ST said Lambinet is leaving the company today to pursue other interests.
ST also appointed Georges Penalver, formerly managing director of the communication business group at French electronics firm Sagem, to the positions of executive vice president, member of the corporate strategic committee and corporate strategy officer. Penalver was most recently a member of the executive board of France Telecom/Orange Group, in charge of the group's initiatives and partnerships, ST said.
Jean-Marc Chery, executive vice-president, will take on the additional responsibility of general manager for the digital sector, while maintaining his roles as executive vice-president and chief technology and manufacturing officer, ST said.
ST announced the promotions of Eric Aussedat, general manager of ST's imaging and bi-CMOS ASICs Group; Joel Hartmann, corporate vice president for front-end manufacturing and process R&D, digital sector, and Philippe Magarshack, corporate vice president of design enablement and services. All were promoted to the ranks of executive vice president.
Stéphane Delivré, ST's global chief information officer, will now report directly to Bozotti, ST said.
As the CEO, and his bonus, actually really big despite the poor results of the company (STM and ST-ericsson), are confirmed and approved by a number of commetee (board,Exec commetee corporate governange commetee.....) and finally approved by the investors, it seems that we miss something in the whole picture......
Last note: does Bozzotti have a strategy?
That's because upper management benefits from the greatest double standard in history. Good results are attributable solely to fantastic management. Poor results are attributable solely to the stupid engineers screwing it up. Therefore, upper management always deserves a huge bonus!
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