As STMicroelectronics (NYSE:STM) and Ericsson (NASDAQ:ERIC) wind down ST-Ericsson, the companies' product development joint venture, ST-Ericsson's current president and CEO, Carlo Ferro, has returned to STMicroelectronics in his former role as CFO, the company announced Monday. Ferro was CFO of STMicro for nearly nine years prior to his transition to ST-Ericsson in 2012.
In addition to resuming his CFO title and duties with STMicro, he will also lead its legal, operations planning, procurement, IT, and investor relations functions, according to the company. On top of Ferro's enhanced role with STMicro, he will continue as president and CEO of ST-Ericsson until the joint venture is completely dissolved.
STMicroelectronics President and CEO Carlo Bozotti commented, "Under Carlo's leadership, the transition [out of ST-Ericsson] has occurred on plan with lower exit costs than anticipated while minimizing the social impact. We will benefit from his return to a fully operational role at ST with extended responsibilities."
Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.