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25 March 2013

Hittiteā€™s chairman, president & CEO Daly steps down; director Hess to be president & CEO, and lead director Weigold to be chairman

Hittite Microwave Corp of Chelmsford, MA, USA (which designs and supplies analog, digital and mixed-signal RF, microwave and millimeter-wave ICs, modules and subsystems as well as instrumentation) says that Stephen G. Daly is stepping down as chairman, president & CEO at the end of March.

Daly joined Hittite in 1996 and held leadership positions in sales, marketing and product development. In 2004, he was promoted to president & CEO, and took the firm public in July 2005. In 2006, he was appointed chairman. Since its IPO, Hittite has increased its market capitalization to about $2bn.

“The decision to step down was initiated by me, as I am ready to set new goals for myself outside of Hittite,” says Daly. “Hittite’s business and financial conditions are strong, and I feel this is an opportune time to make this transition.” Hittite has also reaffirmed its previous guidance for first-quarter 2013 for revenue of $66.5-68.5m (up 6.6% on $63.3m a year ago) and net income of $16.7-17.7m (up on $16m a year ago).

The board has named Rick D. Hess as the next president & CEO, and Franklin Weigold as non-executive chairman of the board, effective from 1 April. Daly will support the transition in an advisory role to the new CEO as needed, and will remain a director until the 2013 annual shareholders meeting in May.

“Rick has been an outstanding Hittite board director since 2005, and is familiar with our strategies, culture, technology and industry, and as a director he already has strong relationships with our entire management team,” comments Daly. Franklin has been a member of the board since 2003 and the lead independent director since 2009.

“In 2012, I began discussing with the board of directors my desire to initiate a succession plan,” says Daly. “The board retained an internationally recognized executive recruiting firm, to advise on potential candidates and support the succession planning process,” he adds.

“Rick has experience creating shareholder value and leading semiconductor companies to more than $500m in revenue,” notes Weigold.

Hess has served in executive roles in the microwave, semiconductor, energy and manufacturing industries for more than 30 years. From 2011 to 2013, he was vice president at American Superconductor Corp, a provider of technologies and solutions for the electrical power infrastructure industry. From 2006 to 2010, Hess was president & CEO of Konarka Technologies Inc, a developer of photovoltaic cells on flexible plastic. From 2004 to 2006, he was president & CEO of Integrated Fuel Cell Technologies Inc. From 1989 to 2004, Hess held several positions at M/A-COM (a semiconductor provider of high-frequency components and systems for the wireless, defense, public safety and automotive markets), including president from 1999 to 2004. Hess had previously founded Stable Energy Sources, a manufacturer of microwave subsystems and components serving military and industrial markets. He began his career as an engineer at Westinghouse Electric. Hess received a B.S. in Electrical Engineering from Purdue University and an M.S. in Electrical Engineering from Johns Hopkins University.

Weigold has served as VP & general manager of Analog Devices Inc’s Micromachined Products Division and from 1992 to 1999 was VP & general manager of the firm’s Transportation and Industrial Products Division. Prior to joining Analog, Weigold was president & chief operating officer of Unitrode Corp. Previously, he was president of Silicon General Inc. Weigold also serves on the board of directors of privately held Enpirion Inc. He received a B.S. in Electrical Engineering from Michigan Technological University and an M.B.A. from the University of Pittsburgh.

Tags: Hittite


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