7/12/2005 - Cadence Design Systems, Inc. (NYSE:CDN) (Nasdaq:CDN) announced that the company 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(R) since May 2004, after serving as president and chief executive officer since 1999 and as executive vice president and chief financial officer since 1993.
"The goal of our transition process was to maintain uninterrupted leadership for Cadence, and we have accomplished that," said Bingham. "Mike brings tremendous talent, experience and energy to Cadence, and has my greatest confidence. The last six years have been exciting but extraordinarily demanding, and the time is now right for me to step down and focus on my many other commitments. I am extremely proud of our numerous accomplishments. We have restored our technology leadership and forged major strategic partnerships with key industry leaders. I am very grateful for the dedication and many contributions of our talented employees and management around the world in helping to realise those strategic goals."
"Ray led Cadence with a steady hand during a period of tremendous uncertainty in the EDA and semiconductor industries," said Fister. "We are grateful for what Ray has done for the company during his tenure. His untiring efforts to strengthen the company's technology leadership and nurture key strategic partnerships give us a strong foundation on which to build. I personally thank him for working with me so closely over the last year to ensure a smooth leadership transition."
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.
"We thank Ray for his many years of loyal and dedicated service to the company," said Dr. Shoven. "Cadence has a clear strategy and a terrific leadership team that positions us well for the future."
Cadence enables global electronic-design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence software and hardware, methodologies, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. Cadence reported 2004 revenues of approximately $1.2 billion, and has approximately 4,700 employees. The company is headquartered in San Jose, Calif., with sales offices, design centres, and research facilities around the world to serve the global electronics industry. More information about the company, its products, and services is available at www.cadence.com.
Cadence and the Cadence logo are registered trademarks of Cadence Design Systems, Inc.
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