Hittite Microwave Corporation Announces Succession Plan

  Hittite Microwave Corporation Announces Succession Plan

   Stephen G. Daly to step down as Chairman, President and Chief Executive

     Board appoints Rick D. Hess as President and Chief Executive Officer

        Lead Director Franklin Weigold Appointed Chairman of the Board

        Company to Host Teleconference & Webcast Today at 5:00 p.m. ET

Business Wire

CHELMSFORD, Mass. -- March 13, 2013

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.

“We know Rick well from his eight years of service on our board, where we have
benefitted from his wisdom, experience and industry knowledge,” said Mr.
Franklin Weigold, lead director. “Rick has experience creating shareholder
value and leading semiconductor companies to more than $500 million in
revenue. We believe his background and skills make him a perfect fit to lead
Hittite’s talented management team. Additionally, I am honored to be appointed
chairman, and I look forward to representing shareholders in this capacity.”

“I am excited to take on this new role,” said Mr. Hess. “The company has an
outstanding history, incredibly talented employees, best in class financial
performance, and is in a strong position to further its leadership position in
the industry. I look forward to leading Hittite in the years ahead and helping
to make it even stronger than it is today. I would like to thank the board for
their strong endorsement and the opportunity to lead this world class company.
I look forward to meeting our worldwide employees, customers, suppliers and
shareholders in the weeks and months ahead.”

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 Hittite’s 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

Franklin Weigold, 74, has served as a member of the company’s board of
directors since 2003 and as its lead director since 2009. From 1999 to 2003,
Mr. Weigold served as Vice President and General Manager of the Micromachined
Products Division of Analog Devices, Inc. and from 1992 to 1999 was Vice
President and General Manager of its Transportation and Industrial Products
Division. Prior to joining Analog Devices, Mr. Weigold served as President and
Chief Operating Officer of Unitrode Corporation. Previously, he was President
of Silicon General Inc. Mr. Weigold also serves on the board of directors of
privately held Enpirion, Inc. Mr. Weigold received a B.S. in Electrical
Engineering from Michigan Technological University and an M.B.A. from the
University of Pittsburgh.

“On behalf of the board of directors and our employees, I would like to say
that we truly appreciate Steve’s seventeen year commitment and his many
contributions in making Hittite an industry leader. As we look ahead, we are
confident that Rick will successfully lead Hittite in its growth and
innovation,” said Mr. Weigold.

“It has been a privilege to serve Hittite’s shareholders, employees and
customers,” said Mr. Daly. “The decision to step down was initiated by me, as
I am ready to set new goals for myself outside of Hittite. I’m proud of what
Hittite has accomplished during my tenure, and I am grateful for all the
opportunities afforded to me by the company. Hittite’s business and financial
conditions are strong, and I feel this is an opportune time to make this

Mr. Daly joined Hittite in 1996 and held various leadership positions in
sales, marketing and product development. In 2004, he was promoted to
President and CEO, and took the company public in July 2005. In 2006, he was
appointed chairman of the board. Since its IPO, and under Mr. Daly’s
leadership, Hittite has increased its market capitalization to approximately
two billion dollars. Today the company is recognized as a major technology
contributor to the semiconductor and microwave industry.

Webcast and Taped Replay

The company will host a conference call to discuss the succession plan at 5:00
p.m. ET today. The conference call can be accessed by dialing (480) 629-9692.
A live webcast of the call will be available online on the Hittite Microwave
website. To listen to the live webcast, go to the Investors page of the
Hittite Microwave website at www.hittite.com and click on the webcast link
located under News & Events. A telephonic replay of the call also will be
available for one week after the live call by dialing (303) 590-3030, access
code 4608309. Following the call, a webcast replay will also be available by
visiting the Investors page at www.hittite.com.

About Hittite Microwave Corporation

Hittite Microwave Corporation is an innovative designer and manufacturer of
high performance integrated circuits, or ICs, modules, subsystems and
instrumentation for technically demanding digital, RF, microwave and
millimeterwave applications covering DC to 110 GHz. The company's standard and
custom products apply analog, digital and mixed-signal semiconductor
technologies, which are used in a wide variety of wireless & wired
communication and sensor applications for the automotive, broadband, cellular
infrastructure, fiber optic, microwave & millimeterwave communications,
military, space and test & measurement markets. The company is headquartered
in Chelmsford, Massachusetts.

"Safe Harbor Statement" under the Private Securities Litigation Reform Act of

Statements in this press release regarding Hittite Microwave Corporation that
do not relate to historical facts are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, but are not limited to, any statements
regarding our expectations as to future levels of revenue, net income and
earnings per share. Readers are cautioned that these forward-looking
statements are subject to risks and uncertainties and are only predictions,
and actual future events and results may differ materially from these
forward-looking statements. Factors that could cause or contribute to such
differences include, but are not limited to: the impact of macro-economic
conditions on demand for our products; our ability to effectively manage our
costs and expenses in response to fluctuations in our growth rate; market
acceptance of our new products; our ability to assess accurately our end
market requirements; our success in maintaining the business of our
significant customers; our ability to keep pace with new semiconductor
processes; risks related to our dependence on third-party suppliers;
regulatory, operational, financial and political risks inherent in operating
internationally; competition within the semiconductor industry; product
returns and warranty claims; the possibility that intellectual property claims
initiated by or against us could be costly or have adverse outcomes; and other
risks and uncertainties that are discussed under "Risk Factors" in our annual
report on Form 10-K for the year ended December 31, 2012 as filed with the
Securities and Exchange Commission.


Hittite Microwave Corporation
William W. Boecke, 978-250-3343
V.P. and Chief Financial Officer
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