STMicroelectronics board member resigns

Published 19/03/2025, 22:06
STMicroelectronics board member resigns

GENEVA - STMicroelectronics (NYSE:STM), a prominent semiconductor company with a market capitalization of $22.9 billion, announced today the immediate resignation of Maurizio Tamagnini from its Supervisory Board. Tamagnini, who joined the board in 2014, has held positions as Chairman and Vice-Chairman, the latter since 2023.

Nicolas Dufourcq, the current Chairman of the Supervisory Board, acknowledged Tamagnini’s contributions and expressed gratitude for his years of service. The company has not yet announced a successor or provided details regarding the reasons for Tamagnini’s departure.

STMicroelectronics, with a workforce of 50,000, operates globally, generating annual revenues of $13.27 billion while maintaining strong financial health according to InvestingPro analysis. The company collaborates with over 200,000 customers and partners to design and build products that cater to various technological needs and sustainability goals. With a remarkable 27-year track record of consistent dividend payments, STMicroelectronics is also working towards carbon neutrality in its direct and indirect emissions by the end of 2027, including a commitment to sourcing 100% renewable electricity.

The news of Tamagnini’s resignation comes as the company continues to navigate the complex semiconductor supply chain and maintain its position in the competitive electronics sector. The impact of this change on the company’s operations and governance remains to be seen.

As the semiconductor industry faces ongoing challenges and opportunities, STMicroelectronics’ efforts to innovate and adapt are crucial for its continued success. The company’s focus on sustainable practices and energy management reflects the growing trend in the tech industry to address environmental concerns.

This report is based on a press release statement from STMicroelectronics. Further updates on the company’s Supervisory Board composition and governance strategies are anticipated.

In other recent news, STMicroelectronics announced a collaboration with Amazon’s AWS to develop a new AI chip designed for the AI data center equipment market. This effort aims to enhance speed and reduce power consumption in transceivers, which are crucial for advanced AI data centers. Additionally, Jefferies upgraded STMicroelectronics’ stock rating from Hold to Buy, raising the price target to EUR34, citing optimism about the company’s growth prospects and technological advancements. Conversely, BofA Securities downgraded the stock from Buy to Neutral, lowering the price target to EUR23 due to challenging market conditions and a lack of clear growth catalysts. Barclays also downgraded the stock rating to Underweight, reducing the price target to EUR20, expressing concerns about potential downside risks and the company’s valuation. Furthermore, reports suggest that STMicroelectronics is considering job cuts of up to 3,000 employees due to a slump in demand within the industrial and automotive sectors. The Italian government is exploring ways to mitigate the impact on the workforce, with discussions on voluntary early retirement programs expected to begin soon.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.