STMicroelectronics seeks one-year renewal for CEO Chery

Oct 13 (Reuters) - STMicroelectronics said on Tuesday its supervisory board had proposed CEO Jean-Marc Chery to stay on in the role for another year.

The Franco-Italian chipmaker said the board would put the one-year renewal to shareholders for approval at the 2027 annual general meeting. Chery would continue as the chairman of the managing board and as president and CEO.

"The decision recognises the importance of continuity in ST’s strategy, discipline in execution and the momentum achieved under Chery’s leadership," the company said in a statement.

Chery has faced pressure from Italy, which together with France owns 27.5% of STMicro. Last year, Italy’s economy minister cited "criticism and opposition" towards him, though the sides later sought to settle their differences.

(Reporting by Nathan Vifflin in Gdansk, editing by Milla Nissi-Prussak)