Add Applied Micro (NASDAQ:AMCC) to the list of companies searching for a permanent CFO. The company said today that its man in that position, Robert Gargus, will enter retirement. He has been replaced on an interim basis by Shiva Natarajan, formerly the company's chief accounting officer and controller. Gargus will, however, continue to serve as an advisor for one year.
As a severance payment, Gargus is to receive his one-year salary equivalent of $320,000 in cash, one year of extended health-insurance coverage, and an extension of certain stock option privileges, according to an SEC filing submitted by the company.
Gargus, a veteran of more than 40 years in the tech industry, had been with Applied Micro company for eight years as its CFO. Before that, he served in numerous executive positions, including CEO of privately held Telecom Semiconductor.
Fool contributor Eric Volkman has no position in Applied Micro. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.