STMicroelectronics N.V. (STM), announced on Wednesday that Jean-Marc Chery, the current chief executive officer and president, agreed to stay on in his present role.
At the annual general meeting the supervisory board will propose the reappointment of Chery for a three-year mandate.
"The decision recognizes the importance of the continuity of ST's strategy, execution and value proposition under Mr. Chery's leadership," the company said in a statement.
On Tuesday, shares of STM closed at $43.34 down 0.14% on the New York Stock Exchange.
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