STMicroelectronics announced the appointment of two new Italian members to its supervisory board, marking a step toward resolving recent governance tensions between France and Italy. The company — jointly owned by the two governments with a combined 27.5% stake — named veteran diplomat Armando Varricchio and former STMicro executive Orio Bellezza to replace Maurizio Tamagnini and Paolo Visca.
The appointments, pending shareholder approval at a December 18 meeting, follow months of strained relations after Italy’s earlier board candidate, former Treasury official Marcello Sala, was rejected by the company. The disagreement had prompted Italian Economy Minister Giancarlo Giorgetti to criticize CEO Jean-Marc Chery, deepening political friction between Rome and Paris.
Sources say the two governments have since worked to rebuild trust, as both sides seek to coordinate on a broader revival plan for STMicro. The company has also sought to ease labor concerns by pledging no forced layoffs in Italy, instead favoring voluntary exit programs negotiated with unions.
A source added that consulting firm Egon Zehnder is expected to oversee the selection process for Chery’s eventual successor, with his current mandate set to expire in 2027.
