Stmicroelectronics reported 2017 net revenues of $8,35 billion, up 19,7% from $6,97 billion in 2016. Net income for the full year was $802 million or $0,89 a share versus earnings of $165 million or $0,19 a share a year ago. For the fourth quarter alone, the Italian-French group reported net revenues of 2,47 billion dollars (+15,5%) while net profit amounted to 308 million dollars against 112 million in the fourth quarter of 2016 and 236 million in the third quarter of 2017.
Stmicroelectronics also announced the succession plan for Carlo Bozotti, who, as noted in a press release, 'over the course of his 41-year career has greatly contributed to the results of St and has led the company's recent turnaround'. The supervisory board has decided to propose to the approval of the shareholders of the 2018 annual general meeting the appointment of Jean-Marc Chery single member of the management board. Chery will also serve as president and CEO of Stmicroelectronics'.
