Anadigics names CEO as chairman
WARREN, N.J. (AP) — Wireless equipment maker Anadigics has named President and CEO Ron Michels as its chairman.
Michels takes over the post from Lew Solomon, who is becoming lead independent director.
Michels, 59, has served as president and CEO since March 2011. Solomon has served as chairman since September 2009 until Wednesday. He also previously served as chairman from 1985 to 1989 and has been a board member since September 1994.
Anadigics Inc. makes cellular and Wi-Fi equipment. It has been struggling since losing business from the maker of Blackberry phones, which was formerly known as Research In Motion Ltd. and is now called Blackberry.
Its 2012 net loss widened to $69.9 million from $49.3 million in 2011. Revenue for the year fell 26 percent to $112.6 million.
The Warren, N.J., company's stock added 2 cents to $1.96 in Friday morning trading. Its shares have traded in a 52-week range of $1.05 to $2.87.
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