Geneva, May 13, 2003 - STMicroelectronics (NYSE:STM) has announced
the appointment of Carlo Ferro as Corporate Vice President - Chief Financial
Officer, reporting directly to Pasquale Pistorio, President and Chief
Executive Officer. As previously announced, at the Q4 and full-year 2002
results announcement, Carlo Ferro succeeds Maurizio Ghirga who is retiring
after a long and successful career with ST, having held the position of
Chief Financial Officer since the Company's formation in 1987.
Mr. Ferro, 42, a Swiss and Italian citizen and a Certified Public Accountant,
has served alongside Mr. Ghirga as Deputy Chief Financial Officer for
the past twelve months in order to ensure continuity when taking over
as Chief Financial Officer. Ferro joined ST in June 1999 as Group Vice
President, Corporate Finance, responsible for overseeing finance and accounting
for all the Company's worldwide affiliates, and managing corporate financial
functions.
Prior to joining ST, Ferro's business experience has been one of increasing
financial responsibility across a number of industries. From 1992 to 1996
Ferro was Corporate Development Director with Finmeccanica, the leading
Italian high-tech engineering and manufacturing group and a shareholder
of ST. In this capacity he contributed in the Company's Initial Public
Offering on the New York Stock Exchange (NYSE), in November 1994. In 1996,
Ferro joined Elsag Bailey Process Automation, a Dutch-incorporated and
NYSE-listed Company with worldwide operations. Initially appointed as
Vice President Strategic Planning, he was subsequently promoted to Vice
President Planning and Control and Principal Financial Officer, continuing
in that position until pursuing his career with ST.
Commenting on the appointment, Pasquale Pistorio, President and CEO of
STMicroelectronics said, "Carlo's extensive financial experience and background
have prepared him well for this demanding role. His proven capabilities
in accounting, internal controls, capital markets, and general management,
as well as his strong drive, make him the ideal person to lead our financial
organization in the future for the Company's success. We look forward
to his continued contributions, while thanking Maurizio Ghirga for the
invaluable service he has given to the Company's success, since its very
birth."
"This is a challenging time to become CFO of a corporation listed on three
Stock Exchanges," said Carlo Ferro. "Indeed, I am very comfortable taking
over because the culture of Corporate integrity and fair disclosure to
shareholders are key values in ST's culture and are part of our DNA; I
am taking over a "golden" legacy of a solid accounting infrastructure
and processes coupled with an outstanding team; the capital structure
of the Company is extremely healthy and solid. These features will constitute
a precious tool in my commitment to contribute to the Company's continued
success, and in serving our shareholders."
About STMicroelectronics
STMicroelectronics is a global leader in developing and delivering semiconductor
solutions across the spectrum of microelectronics applications. An unrivalled
combination of silicon and system expertise, manufacturing strength, Intellectual
Property (IP) portfolio and strategic partners positions the Company at
the forefront of System-on-Chip (SoC) technology and its products play
a key role in enabling today's convergence markets. The Company's shares
are traded on the New York Stock Exchange, on Euronext Paris and on the
Milan Stock Exchange. In 2002, the Company's net revenues were $6.32 billion
and net earnings were $429.4 million. Further information on ST can be
found at http://www.st.com.
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