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Cadence Promotions...
Location: Blogs Russ Henke |
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| Posted by: Russ Henke |
11/22/2008 7:02 AM |
The turbulence at EDA vendor Cadence Design Systems has been the topic of frequent blog entries in this space since mid-summer 2008. While the company’s Q1-Q3 2008 financials have still not been re-stated, and a new CEO has still not be named to replace Mike Fister, who resigned in mid-July, Cadence did make some executive promotions this week aimed at stabilizing the employee base.
On November 21, 2008, Cadence announced the promotion of three senior managers to executive positions in R&D and Worldwide Sales and Field Operations. All three come from inside Cadence ranks and all report to the “Interim Office of the Chief Executive.”
Dr. Chi-Ping Hsu, 53, was named senior vice president of research and development for the Implementation Products Group. Dr. Hsu joined Cadence in 2003 from Get2Chip, Inc. Mr. Nimish Modi, 46, was named senior vice president of research and development for the Front End Group. He came to Cadence in 2006 from Intel. Finally, Mr. Tom Cooley, 46, was named senior vice president of Worldwide Field Operations. Prior to joining Cadence in 1995, Cooley held application engineering and sales positions at Cadnetix, Mentor Graphics and Racal-Redac.
Since these men are well-respected veteran Cadence employees, we can only speculate that the promotions will survive the eventual hiring of a new CEO.
By the way, Cadence’s Market Cap stood at only $812 million at the close of trading on November 21, 2008, down from $975 million just three days earlier.
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