The Italian government wants to replace Jean-Marc Chéry, CEO of STMicroelectronics, due to poor performance, people familiar with the matter said. Italy and France each hold a 27.5% stake in STMicroelectronics. In January this year, STMicroelectronics forecast first-quarter net revenue that fell short of analysts' expectations. According to reports, STMicroelectronics is seeking to lay off up to 3,000 employees amid continued sluggish demand. STMicroelectronics' stock price has fallen 37% in the past 12 months.