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Altera Names LSI Executive Daane President, CEO

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Chipmaker

Altera

(ALTR) - Get Altair Engineering Inc. Report

named John Daane president and chief executive, effective Nov. 30.

Daane will replace Rodney Smith, who announced his intention to retire late last year. Smith will remain the chairman of Altera's board. Daane, who has been with

LSI Logic

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since 1985, was most recently the head of the company's communications products unit.

Shares of Altera were recently quoted at $28.49 in after-hours trading on the

Island

ECN, while shares of LSI fell 6.13%, or $1.38, to $21.06 at 4 p.m. on the

New York Stock Exchange

.