Cadence makes Lip-Bu Tan CEO
Having worked on the committee to find a replacement for previous CEO Mike Fister for the past three months, Lip-Bu Tan has become the head of design-automation company Cadence Design Systems.
“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 capitalise on the opportunities in the market we serve,” said John Shoven, chairman of the Cadence board of directors. “While leading Cadence over the past few months, Lip-Bu has been instrumental in refining the company’s strategy, optimising 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 calibre who possesses the vision and experience to lead Cadence at this critical time.”
Tan claimed: “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 first-hand the challenges we face and the opportunities that lie ahead.”
In connection with Tan’s appointment, Cadence said the interim office of the chief executive, on which Tan, Shoven, Charlie Huang and Kevin Palatnik served, has been dissolved. They will resume their positions with the company: Shoven will continue to serve as chairman of the board; Huang will serve as senior vice president and chief strategy officer; and Palatnik will continue to serve as senior vice president and CFO.
A spokesman for Cadence said Tan will continue, as well as Cadence CEO, as chairman of Walden International, the venture-capital firm that Tan founded but reduce the number of non-executive positions that he holds at other companies, such as Creative Technology and Flextronics. The positions that Tan give up “will be disclosed once the details have been agreed with the companies that are affected by this.”