WASHINGTON (dpa-AFX) - The Board of Hittite Microwave Corp. (HITT) Wednesday said Stephen Daly will step down as the company's Chairman, President and Chief Executive Officer at the end of the month.
Rick Hess has been elected to succeed Daly as president and CEO, while Franklin Weigold will take over as non-executive chairman of the board.
Daly will assume an advisory role to the new CEO, and will remain as a director through the annual shareholders meeting in May.
Hess joins Hittite from American Superconductor Corp., where he most recently served as vice president. Prior to that, He was president and CEO of Konarka Technologies, Inc.
Franklin Weigold joined the Board in 2003 and was later appointed as lead director. Prior to Hittite, Franklin has served as vice president and general manager for the Micromachined Products and Transportation and Industrial Products Division of Analog Devices, Inc.
The company also said it continues to expect first-quarter earnings in the range of $0.54 to $0.57 per share, on revenues ranging between $66.5 million and $68.5 million. Analysts currently expect earnings of $0.56 per share and revenues of $67.48 million for the first quarter.
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