The board of directors of Hittite Microwave Corporation (NASDAQ: HITT) today announced Stephen G. Daly plans to step down as the companyâs chairman, president and chief executive officer at the end of the month. The board named Mr. Rick D. Hess as the companyâs 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. Mr. Hess, 59, has served in executive leadership roles in the microwave, semiconductor, energy and manufacturing industries for more than 30 years. He has been a member of Hittiteâs board of directors since 2005. From 2011 to 2013, he was vice president at American Superconductor Corporation, a provider of technologies and solutions for the electrical power infrastructure industry. From 2006 to 2010, Mr. Hess was president and chief executive officer of Konarka Technologies, Inc., a developer of advanced photovoltaic cells on flexible plastic. From 2004 to 2006, Mr. Hess was president and chief executive officer of Integrated Fuel Cell Technologies, Inc., a developer of fuel cell systems. From 1989 to 2004, Mr. Hess held several positions at M/A-COM, including president from 1999 to 2004. M/A-COM was a semiconductor provider of high frequency components and systems for the wireless, defense, public safety and automotive markets. Mr. 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. Mr. Hess received a B.S. in Electrical Engineering from Purdue University and an M.S. in Electrical Engineering from Johns Hopkins University.
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