STMicro Supervisory Board Backs CEO After Italy Pulled Support

The supervisory board of STMicroelectronics NV backed Chief Executive Officer Jean-Marc Chery, one day after the Italian government publicly withdrew its support for the chipmaker’s management team.

The Franco-Italian company’s board expressed renewed support for Chery, Chief Financial Officer Lorenzo Grandi and the management team, “in their capacity to execute the transformation during challenging times for the semiconductor industry,” it said in a statement on Thursday.