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UPDATE 1-French state bank's Dufourcq likely to be named STMicro chairman -source
June 20, 2017 / 10:50 AM / in 5 months

UPDATE 1-French state bank's Dufourcq likely to be named STMicro chairman -source

* Dufourcq would replace Maurizio Tamagnini for a three-year term

* Appoitment comes after lining up of Jean-Marc Chery as next CEO

* France and Italy jointly control STMicro via a 27.5 pct stake (Adds detail, context)

By Mathieu Rosemain and Gwénaëlle Barzic

PARIS, June 20 (Reuters) - The head of France’s state investment bank, Nicolas Dufourcq, is likely to be elected as non-executive chairman of Franco-Italian chipmaker STMicroelectronics on Tuesday, a source close to the matter told Reuters.

The expected appointment of Dufourcq, who joined the STMicro board in 2015 as a representative of the French government, comes less than two months after another French national, Jean-Marc Chery, was lined up as successor to Italian CEO Carlo Bozotti.

France and Italy jointly control a 27.5 percent stake Europe’s second-biggest chipmaker and have clashed regularly over nominations of top managers and operational strategy.

That included the CEO succession, a source said in April, after Paris had publicly complained about STMicro’s strategy and hinted that it was deeply dissatisfied with Bozotti when the company announced plans to cut about 430 jobs in France.

Dufourcq, 53, became Bpifrance’s CEO in 2013 and joined Geneva-based STMicro’s board two years later as a representative of the French government. As chairman he would replace Italian representative Maurizio Tamagnini.

The election of Dufourcq, a graduate of France’s elite administration school ENA and the HEC business school, should take place on Tuesday afternoon after an STMicro shareholder meeting in the morning.

The appointment is in compliance with a shareholder accord between France and Italy, under which the countries alternately propose a new chairman every three years, the source said.

The same goes for the office of vice-chairman, which has been held by Frenchman Didier Lombard, a former Orange chief executive, over the past three years.

A spokesman for the Italian government was not immediately available for comment on Tuesday. STMicro declined to comment. (Additional reporting by Francesca Piscioneri in Rome; Editing by David Goodman)

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