Italy wants to replace STMicroelectronics (STM) CEO Jean-Marc Chery for poor performance amid a slump in chip demand, Bloomberg’s Donato Paolo Mancini and Tommaso Ebhardt report. According to people familiar with the matter, Italy’s government considers Chery’s performance “insufficient” amid compounding headwinds for the industry. While Italian officials have acknowledged they may lack the instruments to bring in a replacement, the decision on the matter is set to become a topic of discussion between Rome and Paris, whose governments hold a combined 27.8% stake in the company.
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