ST Appointments New Chief Operating Officer; Reports 2010 Third Quarter & Nine Month Financial Results
STMicroelectronics announced the appointment of a new Chief Operating Officer. Alain Dutheil, who has held the position of ST’s COO since 2005, has decided to retire following 27 years with the company. Alain has been instrumental in the development of ST since its inception, helping to make it a major global semiconductor company and one of the leading high-tech companies in Europe.
Replacing Dutheil as ST’s new COO is Didier Lamouche, who has been a member of the Supervisory Board of STMicroelectronics from April 2006, before stepping down on October 26, 2010, in view of his appointment as COO of ST. From 2004 until mid-2010, Lamouche served as Chairman and Chief Executive Officer of Groupe Bull, a global IT company.
Didier Lamouche will join ST on November 1, 2010, and following a transition period will formally take over from Alain Dutheil as COO and Vice-President of the Strategic Committee, on January 26, 2011, immediately following the company’s fourth quarter and full-year 2010 earnings announcement.
ST also reported financial results for the third quarter and nine months ended September 25, 2010. Third quarter net revenues increased 16.8% on a year-over-year basis, with all regions and all market segments, excluding Telecom, posting revenue growth. Year-over-year regional growth was led by Greater China-South Asia with sales growth of 29%, followed by the Americas with a 27% increase. Sequential net revenues growth of 5% was led by Greater China-South Asia and Japan-Korea with 9% and 7% growth, respectively. By product segment, on a year-over year basis, IMS and ACCI grew revenues by 43% and by 29%, respectively, while Wireless decreased by 23%. Sequentially, net revenues increased by 7% for IMS, and by 4% for both ACCI and Wireless.
ST’s net revenues for the third quarter of 2010 totaled $2,657 million and included sales recorded by ST-Ericsson as consolidated by ST. Net revenues increased 16.8% compared to the year-ago quarter and 5% sequentially.
On a year-over-year basis, all market segments, except Telecom, posted growth, with Consumer increasing by 36%, Automotive by 31%, Industrial & Other by 25%, and Computer by 18%. Telecom declined by 12%. Distribution increased 61%. Sequentially, all market segments, except Industrial & Other, increased with Computer higher by 16%, Consumer by 6%, Automotive by 4% and Telecom by 3%. Industrial & Other decreased by 5% due to product mix, principally in smartcards. Distribution increased sequentially by 7%.
