STMicroelectronics Appoints Carlo Ferro CFO

May 12, 2003 by Jeff Shepard

STMicroelectronics Inc. (ST, Geneva, Switzerland) announced the appointment of Carlo Ferro as Corporate Vice President - Chief Financial Officer, reporting directly to President and Chief Executive Officer Pasquale Pistorio. 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. Ferro has served alongside Ghirga as Deputy Chief Financial Officer for the past 12 months in order to ensure continuity when taking over as Chief Financial Officer.

Pistorio commented, "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."