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Cadence announces several resignations including CEO

15 October 2008 | By Syanne Olson | Going Places

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Cadence Design Systems, Inc., announced today several resignations of executive members of the company including its Chief Executive Officer, Michael Fister. No reason was stated as to why they resigned, but the company stated that it was a mutual agreement between Fister and the Board.

In correlation to Fister’s departure, Cadence has created an Interim Office of the Chief Executive to become effective immediately. This interim office includes Dr. John B. Shoven as the Interim Executive Chairman, Lip-Bu Tan as the Interim Vice Chairman of the Board, and Kevin S. Palatnik as Senior Vice President and Chief Financial Officer. Charlie Huang has been appointed Chief of Staff. Dr. Shoven and Lip-Bu Tan have also been asked by the Board to co-chair the search committee for qualified candidates to lead the company permanently.

“Our Board of Directors believes that the formation of the Interim Office of the Chief Executive is the best structure to lead Cadence during this time of transition,” said Dr. John Shoven, Chairman of the Board.

Fister is not the only executive to depart from Cadence at this time. The company also announced that Kevin Bushby, Executive Vice President of Worldwide Field Operations, Thomas Cooley, Corporate Vice President in Field Marketing, James S. Miller Jr., Executive Vice President of Products and Technologies Organization, William Porter, Executive Vice President and Chief Administrative Officer, and R.L. Smith McKeithen, Executive Vice President, have all resigned as well. Cadence does not plan to fill the positions filled by Miller, Porter, or McKeithen. 


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