SAN FRANCISCOCommunications semiconductor supplier Applied Micro Circuits Corp. (AMCC) said Thursday (Jan. 29) that President and CEO Kambiz Hooshmand will step down on June 1 after the company reported a $274.5 million fiscal third quarter net loss due largely to a $264.1 million non-cash write-down of goodwill.
Hooshmand, who joined AMCC as president and CEO in March 2005 from Cisco Systems, will be replaced by Paramesh Gopi, currently the company's chief operating officer.
"Paramesh is a brilliant strategist with a keen and broad knowledge of customer applications and platforms," Hooshmand said in a statement. "He will build upon the foundation we have created and lead AMCC in its next phase of success."
Gopi, a former chief technology officer at Marvell Technology Group Ltd., joined AMCC in July 2008. Gopi has also held executive positions at Mindspeed Technologies and Conexant Systems. He holds a doctorate in electrical and computing engineering from the University of California-Irvine.
AMCC (Sunnyvale, Calif.) reported revenue of $57.6 million for the quarter ended Dec. 31, 2008, a decrease of 13 percent from the same period a year earlier. The company's net loss for the period of $274.5 million equates to $4.20 per share, based on generally accepted accounting principles (GAAP). AMCC said it logged a non-GAAP net income of $3.9 million, or 6 cents per share, for the quarter.
Net revenue for the fiscal third quarter of $57.6 million was down 25 percent from $76.9 million in the prior quarter, AMCC said.
"This was a difficult quarter across the board," Hooshmand said in a separate statement. "General economic conditions continue to be unpredictable and order visibility remains very low."