Hatteras Networks has named Peter Savage as its chief executive officer. Replacing Thomas McPherson.

Savage has served as vice president of business development at Hatteras for two years. Previously, he was president and CEO of Applied Digital Access, a developer of network performance management products. He worked for that company for 10 years, leading it through two rounds of venture capital acquisition, an initial public offering, and three acquisitions.

McPherson “elected to step down in order to better balance personal and professional commitments,” Hatteras said in a statement. He will remain a member of the firm’s scientific advisory board.

“Over the length of my career, I’ve worked through favorable and unfavorable market conditions, with good teams and great teams, and I can say with confidence Hatteras has the right ingredients to succeed in the last-mile Ethernet market,” Savage said in a statement.

Hatteras, is building telephone and network carriers last-mile Ethernet platforms designed to deliver high-speed access over both copper and fiber.

The company closed a $45 million third-round of venture capital in 2002 from Grotech Capital Group (lead), Bessemer Venture Partners, Columbia Capital and ComVentures. It was one of the largest VC deals in the Southeast.

Hatteras: www.hatterasnetworks.com