Cadence CEO Mike Fister resigns

SAN JOSE, USA: Cadence Design Systems Inc. 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 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 Fister and the Board.

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

“Our Board of Directors believes that the formation of the Interim Office of the Chief Executive is the best structure to lead Cadence during this time of transition,” said Dr. John Shoven, Chairman of the Board. “Each of us is looking forward to working closely, together with the entire Cadence organization, to better position the company for future success. We remain focused on leveraging the company’s many strengths while continuing to fulfill the needs of our customers with compelling products and solutions. We believe strongly that Cadence has a solid foundation in place that positions the company for strong performance as economic and business trends improve.”

Dr. Shoven continued: “On behalf of the Board, I would like to thank Mike Fister for his leadership, hard work and dedication to Cadence. Since he joined the company in 2004, he has made a number of important contributions to the company and we wish him the best in his future endeavors.”

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. 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 them.

“The Board of Directors would like to express its sincere appreciation to Kevin Bushby, Smith McKeithen, Jim Miller and Bill Porter for their years of service, numerous contributions and deep commitment to Cadence. Cadence has benefited from their collective experience and leadership. We wish them all continued success in the years ahead,” continued Dr. Shoven.