STMicroelectronics CEO says 5,000 jobs to be cut in next 3 years

STMicroelectronics expects 5,000 staff to leave the company in the next three years, including 2,800 job cuts announced earlier this year, its chief executive said on Wednesday.”At the end, it’s 5,000 people that will leave the company,” he said.Chery said that discussions with stakeholders and authorities over implementation of its cost cutting program were on track.

In an apparent reference to Italy, he said: “I do think that one country specifically is harder. And most likely, okay, could delay a little bit our speed of implementation”, Chery said.