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AppliedMicro Announces Retirement Of CFO

SUNNYVALE, Calif., June 26, 2013 (GLOBE NEWSWIRE) -- Applied Micro Circuits Corporation (Nasdaq:AMCC) today announced the retirement of Robert G. Gargus, Chief Financial Officer. Shiva Natarajan, Chief Accounting Officer and Controller, will serve as Interim CFO.

Gargus has 42 distinguished years of experience working in global technology and, for the last eight, has served as AppliedMicro's Chief Financial Officer. Previous to AppliedMicro, Bob held a number of senior executive roles including Chief Executive Officer of Telecom Semiconductor, selected by Forbes Magazine in October 2000 as one of the "200 Best Small Companies."

"Bob's many contributions to the Company include helping us improve and strengthen internal processes, streamline operations, and return to non-GAAP break-even," said Paramesh Gopi, AppliedMicro's Chief Executive Officer. "Bob has been a key part of executing our growth strategy as well as a trusted and reliable spokesperson for our company. I thank Bob for his service and am glad to have continued access to his expertise through our consulting agreement to facilitate a seamless CFO transition."

"AppliedMicro has provided me with tremendous opportunity and a rich variety of professional experiences. I have every confidence in the Company's success, especially with our X-Gene® Server on a Chip® solution and our new generation of connectivity products," said Gargus. "Shiva Natarajan and I have spent many years together and I am sure he will do a great job in the Interim CFO role. For me, I look forward to spending more time with my family and discovering the new adventures that lie ahead."

About AppliedMicro

Applied Micro Circuits Corporation is a global leader in computing and connectivity solutions for next-generation cloud infrastructure and data centers. AppliedMicro delivers silicon solutions that dramatically lower total cost of ownership. Corporate headquarters are located in Sunnyvale, California. .
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