STMicroelectronics Announces Changes in Executive Management Chief Financial Officer Carlo Ferro assigned to ST-Ericsson as Chief Operating Officer; Mario Arlati appointed ST Chief Financial Officer
GENEVA, Feb. 20, 2012 /PRNewswire/ -- STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, today announced that Carlo Ferro has accepted to focus on the turnaround of ST-Ericsson as chief operating officer of the company.
"I have been working closely with Carlo in his role as ST's chief financial officer for the past six years," said Carlo Bozotti, ST president and chief executive officer. "I am confident that his knowledge, drive for results and determination will play a fundamental role in the turnaround of ST-Ericsson. I would like to thank him for taking on this important assignment."
Mario Arlati, ST's chief accounting officer and head of corporate external reporting, has been appointed chief financial officer while Ferro is assigned to ST-Ericsson.
Investor relations, previously part of the CFO organization, is now under the responsibility of Philippe Lambinet, Corporate Strategy Officer.
ST is a global leader in the semiconductor market serving customers across the spectrum of sense and power technologies and multimedia convergence applications. From energy management and savings to trust and data security, from healthcare and wellness to smart consumer devices, in the home, car and office, at work and at play, ST is found everywhere microelectronics make a positive and innovative contribution to people's life. By getting more from technology to get more from life, ST stands for life.augmented.
In 2011, the Company's net revenues were $9.73 billion. Further information on ST can be found at www.st.com.
Chief Operating Officer, ST-Ericsson
Carlo Ferro has been Senior Executive Vice President and Chief Financial Officer of STMicroelectronics since May 2003 and over time his responsibilities have been extended to include investor relations, treasury, corporate communication and – more recently - operation planning, procurement and logistics. He has also been a member of ST's Corporate Strategic Committee. He sat on the Board of Directors and chaired the Audit Committee of ST-Ericsson SA since its inception.
Ferro joined ST in 1999 as Group Vice President Corporate Finance. In 2002, he became Deputy CFO, and was promoted to Chief Financial Officer in 2003.
Among Ferro's achievements with ST, he inspired and delivered on ST's strategy of a focused product portfolio that led to the creation of Numonyx, a merger of ST's and Intel's flash memory businesses. Ferro drove from the ST side the subsequent merger of Numonyx into Micron Technologies that allowed ST to improve its capital structure by about $1 billion and Numonyx's employees to join a sustainable worldwide leader in memories. Ferro oversaw several major restructuring efforts that led to a reduction of the number of silicon fabs from 17 to 8 and a number of non-manufacturing sites by about one third. Ferro diligently managed ST's Finance maintaining a solid capital structure, improving ST's net financial balance by over $1.7 billion thru the last 3 years of market turmoil and maintaining a credit rating well above investment grade, while both substantially investing to fuel business growth and increasing over time the dividend distribution. Focusing on execution and financial discipline, under his tenure as CFO, ST posted quarterly results within guidance for 33 quarters out of 35. Recognizing his credibility and care of public investors, in 2006 Ferro was awarded by Institutional Investor to be among the best European CFOs
From 1992 to 1996, Carlo Ferro gained extensive experience in Planning and Control, Corporate Finance and M&A at Finmeccanica, the leading Italian high-tech engineering and manufacturing group and, at that time, a shareholder of SGS-THOMSON Microelectronics (now STMicroelectronics). In fact he was part of the ST IPO team in 1994 and has been associated as an expert to the ST Supervisory Board. Over the next three years he held executive positions for Elsag Bailey Process Automation NV (EBPA), a global leader in process control listed at the NYSE, first as Vice President for Strategic Planning, and later as Vice President for Planning and Control and principal financial officer, leading these functions in the phases of the acquisition, integration and restructuring of the Hartman and Braun Group till the merger between EBPA and ABB.
Ferro has been the Chairman of Incard SA, the sole Managing Director of ST Service Srl and a member of the Board of Directors and/or Audit Committees of several companies, including STS (a manufacturing joint-venture in China), ST's affiliates in Singapore, Japan, France and Italy, ST-NXP Wireless, a former joint-venture between ST and Hitachi, DNP Photomask Europe, and – with prior jobs – of several companies in process control, engineering, transportation, electronic and power generation businesses.
A Swiss and Italian citizen, born in Savona, Italy, in 1961, Carlo Ferro is married with two children. A graduate in Business and Economics from the LUISS Guido Carli University in Rome, where he served as a professor of Planning and Control and as an associate professor of Advanced Finance in various periods. He is a Certified Public Accountant registered in Italy.
Chief Financial Officer
Mario Arlati is Chief Financial Officer of STMicroelectronics.
Arlati graduated in Business and Economics at Universita Cattolica in Milan in 1974 and started his professional career joining SGS-ATES, a predecessor company of STMicroelectronics.
Arlati was an integral member of the teams who managed the 1987 merger of SGS Microelettronica and Thomson Semiconducteurs and later, in 1994, ST's Initial Public Offering on the NYSE and Euronext Paris (formerly known as the Paris Bourse), followed in 1998 by ST's listing on the Borsa Italiana (Italian Stock Exchange). Arlati's career has covered all of the various functions including Accounting, Business Control, Finance, Consolidation Reporting with increasing responsibilities. He was then promoted to Corporate Controller and, later, he became Chief Accounting Officer and Head of External Reporting. He also participated in the establishment of the ST Foundation, an independent charitable organization, serving as a Director since its inception.