IP gear-maker Sonus Networks has named a replacement for CEO Richard Nottenburg sooner than expected.

On Tuesday, Sonus said it has hired Raymond Dolan, former CEO of Qualcomm/Flarion Technologies, to succeed Nottenburg right away. Nottenburg, who was hired in May 2008, said this past May he would resign by March of 2011; but Dolan will step in immediately, as president, CEO and a member of the Sonus board.

Dolan comes to Sonus with 25 years of telecom experience. He has worked for chip manufacturer Qualcomm, for Nextwave Wireless and for BellAtlantic/NYNEX Mobile.

Ray is a proven and results-oriented leader with strong relationships with many of the world’s top operators,” said Howard Janzen, chairman of the Sonus board and CEO of CLEC One Communications, in a prepared statement. We have chosen a true visionary who embodies the characteristics essential for Sonus’ next phase of growth and development: strong leadership capabilities, an uncompromising dedication to getting the job done well and a keen focus on enhancing shareholder value.”

Dolan, for his part, said Sonus has a valuable portfolio of products,” along with talented employees.

I believe the company has significant untapped potential,” he added.

Wall Street seemed lukewarm on Dolans appointment. Sonus shares had dropped 2.47 percent to $3.56 by 12:40 p.m. ET on Tuesday. Still, Sonus stock was up 73 percent for the year as of Monday, thanks to mergers in the networking sector.

Dolans hiring comes a little more than a month after Sonus laid off 12 people, and closed and consolidated offices. The announcement further follows Sonus latest earnings results of $300,000 in profit, a hair under a penny per share, on lower revenue of $61.2 million. The results barely exceeded Wall Streets forecasts.

Finally, Dolans arrival at Sonus coincides with industry buzz that Cisco Systems Inc. will snap up Sonus which boasts just more than $400 million cash and holds no debt. Such a deal, however, has yet to materialize.