No man was more foolish when he had not a pen in his hand, or more wise when he had - Samuel Johnson
CHIP VENDOR ST-Ericsson's CEO has resigned as the joint venture winds down.
ST-Ericcson CEO and president Didier Lamouche tendered his resignation, saying he wanted to "pursue other opportunities". Lamouche was the third CEO of ST-Ericsson in three years and stuck around for less than 18 months before moving on to pastures new.
A joint venture between chip vendor ST Microelectronics and telecoms equipment vendor Ericsson, ST-Ericsson has seen its fortunes fall for some time because its system on chip (SoC) business relied heavily on Nokia.
As Nokia's mobile phone sales continue to decline and it focuses on Windows Phone smartphones that use only Qualcomm Snapdragon SoCs, ST-Ericsson's bottom line has been hit hard and the firm has not been able to gain a foothold elsewhere in the rapidly growing smartphone market.
Hans Vestberg, chairman of ST-Ericsson's board said, "Lamouche came into ST-Ericsson when the company was in a very challenging situation and has been instrumental in bringing the company to the point where it is more focused on strategy execution, a much lower breakeven point and positive momentum where the new LTE modem-based products are ready for market introduction this year.
"On behalf of ST-Ericsson's board, I thank Didier for his strong contribution to ST-Ericsson."
Both ST Microelectronics and Ericsson are looking to dissolve their joint venture by the end of the year. Lamouche will remain in his post until 31 March.
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