ST 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.

Jean-Marc Chery, COO

Jean-Marc Chery, ST COO

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.


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