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Electronics Production | July 11, 2005

Ray Bingham retires from Cadence

Cadence Design Systems, Inc. has successfully completed the transition of executive leadership to Mike Fister, president and chief executive officer, which commenced with Fister's appointment in May 2004.
Ray Bingham announced his retirement from the company as of July 31, 2005, and is stepping down as executive chairman and as a member of the Cadence Board of Directors. Bingham has served as executive chairman of Cadence® since May 2004, after serving as president and chief executive officer since 1999 and as executive vice president and chief financial officer since 1993.

In addition, the company announced that Dr. John B. Shoven has been elected chairman of the Board of Directors. Dr. Shoven is the Charles R. Schwab Professor of Economics at Stanford University, and the director of the Stanford Institute for Economics Policy Research. Dr. Shoven, a member of the Cadence Board of Directors since 1992, has been serving as the board's lead director and is currently chairman of the Corporate Governance and Nominating Committee and a member of the Audit Committee.

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