Italy Seeks Strategic Influence in STMicroelectronics Amid Corporate Changes

Marcello Sala, head of an Italian economy ministry department, is set to join the supervisory board of STMicroelectronics. As Italy aims for a greater say in the company, changes are expected in the board. Italy’s government is especially concerned about the company’s cost-cutting plans, including potential job reductions.

Marcello Sala, the head of a crucial Italian economy ministry department, is poised to become a supervisory board member at chip giant STMicroelectronics, according to three informed sources. This move reflects Italy's desire for stronger oversight amid tensions with the current Chief Executive Jean-Marc Chery and noticeable sectoral downturns in automotive and industrial markets.

The supervisory board's proposed changes will be put to the shareholders for approval at a May general meeting. The board is tasked with guiding company policies and advising the board of directors. Meanwhile, Italy's economy ministry aims to safeguard national interests amid cost-cutting measures, sparking unionized labor concerns over significant job cuts.

Sala, an aide to Economy Minister Giancarlo Giorgetti and key player in past financial maneuverings, will not resign from his current role. He is also considered for the chairmanship at payments group Nexi. Discussions with STMicroelectronics and union representatives are scheduled for April 3, underlining the critical nature of ongoing corporate changes.

(With inputs from agencies.)