Italy plans to appoint Marcello Sala, who leads a department at the economy ministry responsible for managing state-owned companies and asset allocations, as a member of the supervisory board for chip manufacturer STMicroelectronics.
This nomination, which will need to be officially confirmed and subsequently approved by the supervisory board of STMicroelectronics and shareholders during a general meeting in May, arises amid Italy's growing dissatisfaction with the company's chief executive, Jean-Marc Chery.
The firm, owned 27.5 percent by the French and Italian governments through a holding company, employs a workforce of 50,000 globally and is currently experiencing a significant decline in its main automotive and industrial sectors.
The supervisory board is responsible for overseeing the policies implemented by the board of directors and providing guidance.
According to reports, Sala and Acri are expected to take over the positions of Maurizio Tamagnini and Donatella Sciuto.
As a close advisor to Italy's Economy Minister Giancarlo Giorgetti, Sala has been instrumental in assisting the government with its complex corporate challenges.
He aided the economy ministry as Italy reduced its stake in the rescued Monte dei Paschi di Siena bank from 64 percent to 11.7 percent through multiple share sales, adhering to re-privatization commitments made with the European Commission.
Current supervisory board members of STMicroelectronics include Paolo Visca, who previously served as chief staff at Italy's industry ministry when Giorgetti held that position during the administration of Prime Minister Giorgia Meloni's predecessor, Mario Draghi.
The Italian government seeks to closely examine STMicroelectronics' plan to downsize its workforce as part of a $300 million initiative aimed at cutting costs. Italian labor unions have raised concerns about the potential for over 2,000 job losses within the country.
Giorgetti and Industry Minister Adolfo Urso have invited representatives from STMicroelectronics and Italian labor unions on April 3 to discuss the company's future in Italy.
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Sala is also considered a contender for the chairman role at payments company Nexi, where the state lender Cassa Depositi e Prestiti holds a significant stake.