Cadence Design Systems announced that its Board of Directors has appointed Lip-Bu Tan as president and chief executive officer, effective immediately. Tan, who had been serving as interim vice chairman of the Board of Directors of Cadence and member of the Interim Office of the Chief Executive, will remain a member of the Board.

In connection with Tan’s appointment, Cadence announced that the Interim Office of the Chief Executive has been dissolved. The members of the Interim Office of the Chief Executive will resume their positions with the company: Shoven will continue to serve as chairman of the Board of Directors; Huang will serve as senior vice president and chief strategy officer; and Palatnik will continue to serve as senior vice president and chief financial officer.