By Florence Loeve (Reuters) – Three independent members of STMicroelectronics’ supervisory board blocked the appointment of Italian Marcello Sala to the Franco-Italian chipmaker’s board, vetoing support from French members, its chairman said on Wednesday. The independent members collectively hold a veto right, Nicolas Dufourcq said in a statement sent to Reuters. “We must respect the […]
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STMicro independent board members block appointment of Italy’s Sala
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By Florence Loeve
(Reuters) – Three independent members of STMicroelectronics’ supervisory board blocked the appointment of Italian Marcello Sala to the Franco-Italian chipmaker’s board, vetoing support from French members, its chairman said on Wednesday.
The independent members collectively hold a veto right, Nicolas Dufourcq said in a statement sent to Reuters.
“We must respect the decision of the board members not designated by STMicro,” he said.
Italy proposed the nomination of Sala, head of an economy ministry department that manages state-run firms and asset disposals
Italian and French governments own a combined 27.5% share in STMicroelectronics through a holding company.
A close aide to Italy’s Economy Minister Giancarlo Giorgetti, Sala has played a key role in helping the government deal with some of its most delicate corporate issues.
(Reporting by Florence Loève, writing by Nathan Vifflin, editing by Dominique Patton and Emelia Sithole-Matarise)