The CEO of STMicroelectronics announced that they will lay off 5,000 employees in the next three years.

Jean-Marc Chery, CEO of STMicroelectronics, said on Wednesday that he expects 5,000 employees to leave in the next three years, including the 2,800 job cuts announced earlier this year. Chery stated at an event in Paris hosted by a bank that around 2,000 employees will leave due to natural attrition, bringing the total number of voluntary departures to 5,000. STMicroelectronics has 50,000 employees globally, with the governments of Italy and France jointly holding 27.5% of the company's shares through a holding company. In November last year, STMicroelectronics outlined its cost-cutting plan, which aims to save hundreds of millions of dollars by 2027 through natural attrition and early retirements.