ST-Ericsson CEO quits post

The president and CEO of embattled chip manufacturer ST-Ericsson resigned on Monday as the company’s parents continue to struggle through divorce proceedings.

Didier Lamouche will leave the company on March 31 “to pursue other opportunities”. At the end of 2012 STMicroelectronics made clear its intention to pursue other opportunities by starting a transition period which will see the company exit the joint venture. The problem for Ericsson is that it doesn’t want to be left holding the loss making business either.

Commenting on Lamouche’s departure, Hans Vestberg, chairman of the ST-Ericsson’s board of directors, said: “Didier 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.”