ST Names VP To Optimize Staff Resources

PARIS — European chipmaker STMicroelectronics NV announced it has appointed Dutch consultant Tjerk Hooghiemstra as executive vice-president, chief administrative officer, to optimize the group's staff resources and personnel functions In his new functions, Hooghiemstra will be in charge of generating synergies among various staff organizations, by optimizing the functions of Human Resources, Health & Safety, Education, Legal, Internal Communication, Security, and Corporate Responsibility. He reports to Carlo Bozotti, ST's president and CEO. Prior to joining ST, Hooghiemstra was executive vice president Corporate Human Resources at Majid Al Futtaim Group in Dubai, UAE. He also worked as a consultant at Hay Group and held senior HR functions at Royal Philips Electronics where he was the Global Head of Human Resources and a member of Philips' Group Management Committee. In the fourth quarter of 2009, ST said it continued certain ongoing restructuring activities and headcount-reduction programs to streamline its cost structure. Related to the company's cost-realignment initiatives, ST posted fourth quarter restructuring and impairment charges of $96 million, of which $61 million are related to ST-Ericsson. ST posted restructuring and impairment charges of $53 million and $91 million in the prior quarter and year-ago period, respectively. In a commentary of the group's financial performances for financial year, Bozotti declared: "2009 has been a year of severe losses for ST but we are encouraged by the progress we made throughout the year. 2010 will be a year of great opportunities for ST. Our efforts to strengthen our product portfolio will allow us to grow organically and to participate in new markets and the completion of our major restructuring program will continue to substantially improve our cost structure and competitiveness."