1/9/2009 6:51 AM
EDA vendor Cadence has been a frequent topic in this blog space since last Fall.
Yesterday, January 8, 2009 Cadence announced that it has given up its search for an outside CEO and has unanimously appointed Lip-Bu Tan
as president and chief executive officer, effective immediately. Tan had been the interim vice chairman of the Board of Directors and member of the Interim Office of the Chief Executive.
Consequent to the appointment of Tan, the Interim Office of the Chief Executive has been dissolved. John Shoven will continue to serve as chairman of the Board of Directors. Charlie Huang will serve as senior vice president and chief strategy officer; and Kevin Palatnik will continue to serve as senior vice president and chief financial officer.
Lip-Bu Tan has been a member of Cadence's Board of Directors since 2004, and serves as a member of the Finance and Technology Committees of the Board.
Tan continues to serve as chairman of Walden International, a venture capital firm he founded in 1987. He has also been associated with other firms, such as Flextronics, SMIC, MindTree, and Creative Technology, but the Cadence News Release was silent about the future of these associations.
Cadence closed regular trading on January 08 at $4.12, up $0.09 or 2.23%. In after hours trading, the stock lost 2.36%, trading at 4.02. As this blog is posted, Cadence is trading at $4.00, implying a Market Cap just north of $1 billion.