mannerisms

Ruminations on the electronics industry from David Manners, Senior Components Editor on Electronics Weekly.

Bozotti To Give Up His Pay? Ha Ha.

An April Fools Day joke on the STMicroelectronics employees web-site carries the story that, in an interview with the New York Times, ST CEO Carlo Bozotti renounced all his financial compensation entitlements for 2013 and 2014

“Dans une interview donnée en exclusivité au New York Times, le PDG de STMicroelectronics, Carlo Bozotti, a annoncé (…) qu’il renonçait à tous ses avantages financiers sur 2013 et 2014, au profit exclusif des salariés français,” said the story which can be read at http://www.cad-st.org/carlo-bozotti-renonce-a-tous-ses-avantages-2013,863.

There is understandable hilarity in France over the huge compensation paid to Bozotti while ST’s performance declines.

Recently the French professional engineers union wrote to the French Minister for Economics and Finance saying: “Over the period 2005-2013 (Bozotti’s term of office as CEO) STMicroelectronics fell from 5th to 10th in the world, with a turnover decrease of $ 8.8 billion to $ 8.0 billion, a decrease of 10%. In the same time, the remuneration of Mr. Carlo Bozotti rose from $ 1,470,000 to $ 3,400,000, an increase of 231%.”

The union letter continued: “The year 2013 ended with a loss of $500 million and a turnover down 4.8% over the year 2012. For the same period, in 2012, 2013, the total annual remuneration of the CEO of the company, Mr. Bozotti, rose from $ 2.5 million to $ 3.4 million, plus $ 900,000 paid by STMicroelectronics has a supplementary pension scheme managed by an independent Swiss foundation.”

The French have obviously taken the old adage to heart that it’s better to have a laugh than weep.

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5 Comments

  1. david manners
    April 04, 2014 12:03

    Crikey Loue, and Bozotti has the cheek to increase his pay. How he can look anyone in the eye at ST (apart from his cronies) defeats me.

  2. Loue
    April 04, 2014 10:45

    Yes. Postponed to Q3 and bonus divided by three (for employees having bonus = 50% of the engineers and managers)

  3. Jack
    April 03, 2014 12:54

    What i heard so far is that employee’s bonus has been reduced and annual increment has been postponed to Q3. Is that true, Loue?

  4. david manners
    April 03, 2014 07:42

    Are you having your pay cut back, Loue? That sounds a drastic action and very odd when the CEO’s pay is going up.

  5. Loue
    April 02, 2014 23:32

    David. OK for the April 1st joke is really funny. But resume after that, the arguments against the top management of a revolutionary union as the CFE-CGC, well known for such behaviors, who wrote to ministers alone without the support of others unions, while ST is much larger industrial problems, and which does not participate to petitions with other unions in Europe (and nobody talk about this petition): it is not very serious.

    WE DON’T CARE ABOUT BOZOTTI’S GOLDEN PARACHUT AND ABOUT UNIONS NOT WORKING WITH THE OTHER ONES.
    WE WANT A FUTUR FOR OUR COMPANY WITHOUT STUPID COST SAVINGS DIRECTLY ON OUR WAGES!

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