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Cisco Systems Executive to Lead San Diego’s AMCC

Applied Micro Circuits Corp., the San Diego-based maker of high-speed chips used in communication networks, named Kambiz Hooshmand, 43, as its new chief executive officer and president. Hooshmand succeeds Dave Rickey, who announced he was retiring as chairman, CEO, and president in August.

Hooshmand, who begins work March 20, joins AMCC from Cisco Systems where he was the vice president and general manager of Cisco’s Optical and Broadband Transport Technology group. He has more than two decades of experience in the telecom industry.

Rickey, 48, had been AMCC’s CEO since February 1996 and led it to great heights in the late 1990s. But when the tech bubble burst in early 2000, AMCC’s business fell on hard times, and it has never fully recovered.

Rickey, who was paid a base salary of $425,000 last year, agreed to stay on through August to help with the transition. Lead independent director Cesar Cesaratto assumes the title of chairman of the board.

AMCC reported a net loss of $122 million for its nine months ended Dec. 31 on revenues of $189.6 million. Its stock closed at $3.46 on March 9, giving it a market cap of just above $1 billion.

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