ST-Ericsson, a joint venture of STMicroelectronics (STM) and Ericsson (ERIC), said Wednesday that Gilles Delfassy has been appointed as President and chief executive officer of the company, effective November 2. Additionally, Hans Vestberg, finance chief and incoming CEO of Ericsson, and a member of the Board of ST-Ericsson, has become Chairman of the Board of ST-Ericsson.
Alain Dutheil, who led the company during the formation and integration, will work with Delfassy over the coming months to ensure a smooth transition, ST-Ericsson noted. Dutheil will continue to support ST-Ericsson by joining its Board and will return to his previous role as STMicroelectronics' Chief Operating Officer.
Delfassy, 54, is an expert in the wireless industry. During his 28-year career at Texas Instruments, he created and built the largest wireless semiconductor business in the world. After his retirement from Texas Instruments in 2007, Delfassy became an advisor to many high-tech companies and has served on several corporate boards.
Vestberg succeeds Carl-Henric Svanberg, President and CEO of Ericsson.
ERIC closed Tuesday's regular trade at $9.42, down $0.16 or 1.67%, on 6.39 million shares.
STM ended Tuesday's trade at $8.58, down $0.08 or 0.92%, on 2.30 million shares.
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