At the Annual General Shareholders' Meeting of 2005, the mandate of Pasquale Pistorio as president and CEO of STMicroelectronics will expire. As previously reported, Pistorio, who will be 69 years old at that time, will formally retire from the positions that he has held since the formation of STMicroelectronics in 1987.
Pistorio, in concert with his management team, has been the architect of the company's achievements of the past several years, and the company's supervisory board supports the continuity of the management culture that he has instilled within the organization. Therefore, the supervisory board has approved Pistorio's recommendation for his succession and will propose that Carlo Bozotti be appointed as sole member of the management board and president and CEO of STMicroelectronics, subject to approval by the company's shareholders at the 2005 Annual General Meeting.
Moreover, as part of the succession plan, the supervisory board, upon the proposal of Bozotti, will endorse the appointment of Alain Dutheil as COO reporting to the president and CEO.
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