SAN JOSE, Calif. -- Jan 08, 2009 -
- Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced that its Board of Directors has unanimously appointed Lip-Bu Tan as president and chief executive officer, effective immediately. Tan, who had been serving as interim vice chairman of the Board of Directors of Cadence® and member of the Interim Office of the Chief Executive, will remain a member of the Board.
“Over the past several months, our board has conducted an extensive search for a CEO candidate with the expertise and ability to effectively navigate the challenges facing Cadence and the industry and to capitalize on the opportunities in the market we serve,” said Dr. John Shoven, chairman of the Board of Directors. “On behalf of our Board of Directors, I am pleased to announce Lip-Bu as Cadence’s president and CEO. While leading Cadence over the past few months, Lip-Bu has been instrumental in refining the company’s strategy, optimizing its R&D structure, implementing audit committee recommendations resulting from its investigation of accounting issues, monitoring the completion of the financial restatement, and executing on a significant restructuring plan. We are fortunate to have someone of Lip-Bu’s caliber who possesses the vision and experience to lead Cadence at this critical time.”
“Having served as a member of Cadence’s Board of Directors for almost five years and as a member of the interim leadership team since October, I know firsthand the challenges we face and the opportunities that lie ahead,” said Tan. “Cadence is widely recognized for its product leadership, innovation and robust technology portfolio. I am confident that Cadence is solidly positioned to execute on its business strategy to help customers succeed, while improving efficiency and productivity, and investing in areas that enhance our competitive position. I am honored to lead Cadence as president and CEO and look forward to continuing to work closely with the board and our talented and dedicated employees around the globe to deliver compelling products and solutions to our customers and build value for our shareholders.”
“On behalf of the Board of Directors and management team, I would like to thank the other members of our Interim Office of the Chief Executive, Kevin Palatnik and Charlie Huang, as well as each of our world class employees, for their dedication to Cadence during this transition,” added Shoven. “Thanks to their collective hard work, Cadence has a solid foundation in place and is poised for strong performance in the future.”
In connection with Tan’s appointment, Cadence announced today that the Interim Office of the Chief Executive has been dissolved. The members of the Interim Office of the Chief Executive will resume their positions with the company: Shoven will continue to serve as chairman of the Board of Directors; Huang will serve as senior vice president and chief strategy officer; and Palatnik will continue to serve as senior vice president and chief financial officer.About Lip-Bu Tan
Lip-Bu Tan, 49, has been a member of Cadence’s Board of Directors since 2004, and serves as a member of the Finance and Technology Committees of the Board. He continues to serve as chairman of Walden International, a venture capital firm he founded in 1987. Tan received an M.S. in nuclear engineering from the Massachusetts Institute of Technology, an MBA from the University of San Francisco, and a B.S. from Nanyang University in Singapore.About Cadence
Cadence enables global electronic design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence software and hardware, methodologies, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. The company is headquartered in San Jose, Calif., with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company, its products, and services is available at www.cadence.com