A Physics PhD has extensive knowledge/experience in integrated circuit design.
His thesis work has nothing to do with circuits but he took quite a
few graduate level integrated circuit design courses in EE department. How much
chance can he find a job in industry in circuit design after
graduate(all job ads for all those positions require EE degrees)

I'm sure most everything has changed since I studied EE, major in
electronics in the early 50's, but I have observed that science majors
are far more content with generalities than I am. Engineers are more
like technicians in that they have to make the new design function
over a wide variety of temperatures, vibration, salt water spray,
vacuum, radiation and other abuse. Many engineers become generalists,
as there are so many conciderations to bring a product sucessfully to
market. I suppose I have typed to many physicists in forums such as 
www.space.com  but typically I don't know the credentials of the other
forum members, so I can't say I know even one physics PHD. I should
think a circuit designer with a PHD in physics would give a valuable
different slant to the design team, if they can get past the human
resourses department which likely does not know that. Since engineers
average 5 years of college, there likely is some feeling that a PHD in
any major is over qualified and won't stay long in the job slot.  
Neil