Cadence Appoints Lip-Bu Tan President and Chief Executive Officer

Cadence Design Systems has 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.”

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.

Cadence, www.cadence.com.