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Software | October 15, 2008

Cadence's CEO resigns

Cadence Design Systems has announced that its Board of Directors has formed an Interim Office of the Chief Executive to oversee the day-to-day running of the company’s operations, effective immediately.
The Interim Office of the Chief Executive includes: John B. Shoven, Ph.D., Chairman of the Board of Directors of Cadence, who has been appointed to the position of Interim Executive Chairman, Lip-Bu Tan, a director of Cadence since 2004, who has been appointed Interim Vice Chairman of Cadence’s Board, and Kevin S. Palatnik, Senior Vice President and Chief Financial Officer. Charlie Huang, Senior Vice President – Business Development, has been named Chief of Staff of the Interim Office of the Chief Executive.

The formation of the Interim Office of the Chief Executive followed Michael Fister’s resignation as President, Chief Executive Officer and a director of the company, by mutual agreement between Mr. Fister and the Board.

The Board has formed a search committee, co-chaired by Dr. Shoven and Mr. Tan, to identify qualified candidates to lead the company on a permanent basis.

The company also announced that Kevin Bushby has resigned as Executive Vice President – Worldwide Field Operations, effective immediately. Thomas Cooley, Corporate Vice President – Field Marketing, will succeed Mr. Bushby, leading Worldwide Field Operations. Mr. Cooley’s proven leadership in the field, combined with his deep knowledge of Cadence’s products and customers acquired over 13 years in the Cadence sales organization, makes him an ideal leader for the company’s field operations.

The company also announced the resignations of James S. Miller, Jr., Executive Vice President – Products and Technologies Organization, William Porter, Executive Vice President and Chief Administrative Officer, and R.L. Smith McKeithen, Executive Vice President – Corporate Affairs, effective immediately. The company does not intend to fill the positions held by Mr. Miller, Mr. Porter or Mr. McKeithen.

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