The board of directors of Hittite Microwave Corporation (NASDAQ: HITT) today announced Stephen G. Daly plans to step down as the company’s chairman, president and chief executive officer at the end of the month. The board named Mr. Rick D. Hess as the company’s next president and chief executive officer. The board also announced Mr. Franklin Weigold was named non-executive chairman of the board. Both appointments will be effective April 1, 2013. Mr. 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. The company reaffirmed its previously issued guidance for the first quarter ending March 31, 2013 for revenues to be in the range of $66.5 million to $68.5 million and net income to be in the range of $16.7 million to $17.7 million, or $0.54 to $0.57 per diluted share. “On behalf of our board of directors and employees, I congratulate Rick and look forward to his leadership,” said Stephen G. Daly, chairman, president and chief executive officer. “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. Additionally, I congratulate Franklin on his appointment to non-executive chairman. Franklin is an extraordinary leader and well prepared for this position, as he has been a member of our board since 2003 and our lead independent director since 2009.” “In 2012, I began discussing with the board of directors my desire to initiate a succession plan. The board retained an internationally recognized executive recruiting firm, to advise on potential candidates and support the succession planning process. After an extensive search, the board is pleased to have selected Rick Hess as President and CEO, and we unanimously agree he will be an extraordinary leader for Hittite,” said Mr. Daly.
Hittite Microwave (HITT) stock has been downgraded to "neutral" from "buy," D.A. Davidson said Tuesday. The firm said the recent bid from Analog Devices (ADI) to purchase the company for $78 a share will likely close as expected in August.