Jean-Marc Chery, CEO of STMicroelectronics (STM, Financial), announced plans for a workforce reduction of 5,000 employees over the next three years. This includes a previously disclosed plan to cut 2,800 jobs. During an event hosted by BNP Paribas, Chery explained that around 2,000 of these departures will occur through natural attrition, with voluntary exits contributing to the total.
STMicroelectronics, which employs 50,000 people globally, is partly owned by the Italian and French governments, holding a combined 27.5% stake through a holding company. Last November, the company outlined a cost-cutting strategy aiming to save hundreds of millions of dollars by 2027 through natural attrition and early retirements.
