STMicroelectronics gets a new CEO, boasts nearly 20% revenues growth in 2017

STMicroelectronics gets a new CEO, boasts nearly 20% revenues growth in 2017

Business news |
By eeNews Europe

In a public statement, the Company’s Supervisory Board announced it will propose the appointment of Jean-Marc Chery as Sole Member of the Managing Board at the 2018 Annual General Meeting of Shareholders, also endowing him with the position of President & CEO of STMicroelectronics.

A French national, Mr. Chery began his career in the Quality organization of Matra, the French engineering group. In 1986, he joined Thomson Semiconducteurs, which subsequently became ST, and held various management positions in product planning and manufacturing, rising to lead ST’s wafer fabs in Tours, France, and later in Rousset, France.

In 2005, Chery took charge of ST’s Front-End Manufacturing in Asia Pacific. In 2008, he was promoted Chief Technology Officer and assumed additional responsibilities for Manufacturing and Quality (2011) and the Digital Product Sector (2012). In 2014, he was promoted Chief Operating Officer. Chery chairs the Board of STS, ST’s manufacturing joint venture in China, and holds board membership at the European microelectronics R&D program AENEAS.

STMicroelectronics also issued its 2017 fourth quarter and full year financial results, revealing Q4 net revenues of $2.47 billion, up 15.5% sequentially and a gross margin of 40.6%, with an operating income of $408 million

Net revenues for the full year 2017 increased 19.7% to $8.35 billion from $6.97 billion in 2016, with growth largely led by the Analog, MEMS and Sensors Group (AMS) where revenues were up 41.4%, on triple-digit growth in Imaging and strong growth in both Analog and MEMS.

Microcontrollers and Digital ICs Group (MDG) revenues increased 15.8% compared to 2016 on strong growth in general purpose microcontrollers partially offset by lower revenues for products undergoing phase-out.

Automotive and Discrete Group (ADG) revenues increased 8.8% for the full year of 2017 compared to the full year of 2016 on growth in both Automotive and Discrete.

Full year 2017 gross profit was $3.27 billion. The company’s gross margin improved from 35.2% in 2016 to 39.2% in 2017, benefiting according to ST from manufacturing efficiencies, better product mix, and improved fab loading partially offset by normal price pressure.

The company also increased its combined R&D and SG&A expenses by 1.7% to $2.29 billion in 2017 compared to $2.25 billion in 2016.

STMicroelectronics –

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