Business Context and Reporting Period
This Form 6-K filing by STMicroelectronics N.V. is dated October 27, 2010. The report serves to disclose a significant change in executive management rather than financial results for a specific quarter or fiscal year.
Key Financial Metrics
The filing does not provide current revenue, profit, cash flow, margins, debt, or liquidity figures for the reporting period. The only historical financial data referenced is the Company's net revenue of $8.51 billion for the full year 2009.
Material Changes
The primary material change disclosed is the appointment of a new Chief Operating Officer (COO):
- Departure: Alain Dutheil, who served as COO since 2005 and with the company for 27 years, has retired.
- Appointment: Didier Lamouche has been appointed as the new COO.
- Timeline: Lamouche joins on November 1, 2010, and will formally assume the role on January 26, 2011, following a transition period.
Management Commentary and Outlook
CEO Carlo Bozotti expressed confidence in the transition, stating that Lamouche's "world-class experience" will help the company reach new heights. Bozotti thanked Dutheil for his "long and outstanding service" and his role in creating the ST-Ericsson joint venture. The filing notes that Lamouche previously served as Chairman and CEO of Groupe Bull, where he re-established a profitable, cash-generating business.
Investor Verification Checklist
- Confirm the exact start date of Didier Lamouche's formal COO duties (January 26, 2011).
- Review the upcoming Q4 and full-year 2010 earnings announcement for financial performance data not included in this filing.
- Verify the status of the ST-Ericsson joint venture, previously led by the departing COO.
- Check for any additional compensation details or transition agreements not detailed in this press release summary.