TROUBLED CHIP VENDOR ST-Ericsson has promoted its CFO Carlo Ferro to the post of COO.
ST-Ericsson, a joint venture between STMicroelectronics and Ericsson, which last month announced a loss of $11m, said it will promote its CFO Carlo Ferro to the position of COO. Ferro had been in the CFO post for eight years and now will step in to oversee the day-to-day running of the firm.
Didier Lamouche, president and CEO of ST-Ericsson extolled Ferro's skills outside of financial matters saying, "Carlo is one of the most efficient executives I have met in my career when it comes to getting things done: he has an outstanding track record and skills in hard-driving complex transformation projects that go beyond finance."
ST-Ericsson's system-on-chip (SoC) processors are used in a variety of mobile phones, however the firm has failed to see its products end up in the majority of smartphones and tablets where rivals such as Qualcomm and Texas Instruments have picked up many design wins. Lemouche said that Ferro needs to improve ST-Ericsson's execution, meaning its designs are not being used in as many products as the firm would like.
Ferro has been employed by ST-Ericsson in its various incarnations since 1994 and clearly should have intimate knowledge of the company's operations. He was there during the period when ST-Ericsson's business suffered as rival chip outfit Qualcomm stole the show.
Ferro has got his work cut out to bring ST-Ericsson back, however with the growing popularity of devices that use high performance SoCs, the firm's potential market is growing and therefore so are its opportunities. µ
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Did we say cuts off? We meant traps them inside their own home