(Reuters) - Rambus Inc named Ronald Black as its new chief executive officer replacing Harold Hughes, who is retiring from the technology licensing company.
Hughes, 66, will remain on the Rambus board of directors, the company said in a statement.
Black, a former CEO of MobiWire, has 20 years experience in the semiconductor and mobile markets.
The company's stock has lost about 70 percent of its market value since November, when it lost a $4 billion antitrust lawsuit against Micron Technology Inc and Hynix Semiconductor Inc.
Shares of Sunnyvale, California-based Rambus closed at $5.63 on Friday on the Nasdaq.
(Reporting by Neha Alawadhi in Bangalore; Editing by Roshni Menon)