STMicro independent board members block appointment of Italy's Sala


FILE PHOTO: The logo of electronics and semiconductors manufacturer STMIcroelectronics is seen outside a company building in Montrouge, near Paris, France, July 12, 2022. REUTERS/Sarah Meyssonnier/File Photo

(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)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Tech News

French regulator says some crypto firms unresponsive as EU licence deadline approaches
Meta mulls doubling output of Ray-Ban glasses by year end, Bloomberg News reports
Musk's X recovers after outage hits thousands globally
Apple rolls out Creator Studio to boost services push, adds AI features
Microsoft rolls out initiative to limit data-center power costs, water use impact
Polygon targets stablecoin payments with deals worth $250 million
Spain moves to curb AI deepfakes, tighten consent rules on images
Voice AI startup Deepgram raises $130 million at $1.3 billion valuation
US senators introduce long-awaited bill to define crypto market rules
Massive cyberattack on Polish power system in December failed, minister says

Others Also Read