ST Plans To Re-Elect CEO; Appoints COO.
STMicroelectronics had a loss of $24 million in Q1 on revenues of $1.83 billion. It has made Jean-Marc Chery COO and has put down a resolution for its June 13 AGM that CEO Carlo Bozotti be re-appointed for another three year term.
The narrowing loss puts ST on track for its planned return to profitability in 2014. It aims to have 10% operating margins by mid-2015.
For Q2, the company expects a 2% increase in revenues and 33.6% gross margin compared to 32.8% in Q1.