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Internet network hardware and software maker Sonus Networks (News - Alert) announced a CEO succession plan on Thursday to prepare for the departure of its President and CEO Richard Nottenburg, who plans to step down by the end of March 2011.

Company officials said that Sonus' Board will commence a search process to identify a new CEO. To ensure a smooth transition, Nottenburg will continue to serve as president, CEO and a director through March 31, 2011, and will assist the Board in its search process.

Nottenburg, who arrived at Sonus in June 2008, said he is proud of the "significant progress" the company has made during his tenure.

"I set forth a clear plan to re-establish the company's growth, profitability and market leadership," said Nottenburg in a statement. "Since then, we have developed and articulated a clear market and product strategy, re-focused on innovation and new product development, right-sized and realigned the business, established strong financial footing and strengthened our management team with key appointments."

Officials at the Westford, Mass.-based company said they still expect to achieve flat to low single digit percent revenue growth for 2010, reaffirming its earlier guidance. Sonus officials said they continue to see the opportunity to grow NBS (News - Alert) product revenues faster than the market. For 2010, gross margin is expected to be within the company's longer term target range of 58 percent to 62 percent, and total operating expenses are expected to be in the range of $142 to $146 million.

"I am eager to explore my next challenge, and I believe that with the strong foundation we have put in place at Sonus, now is the right time to begin transitioning to new leadership," Nottenburg added.