The CEO of Cadence resigns and the company is searching a new President and CEO. The former CEO Mike Fister joined the company in 2004. The Board of Directors has formed an Interim Office of the Chief Executive to oversee the day-to-day running of the company’s operations, effective immediately. The Interim Office of the Chief Executive includes: John B. Shoven, Ph.D., Chairman of the Board of Directors of Cadence, who has been appointed to the position of Interim Executive Chairman, Lip-Bu Tan, a director of Cadence since 2004, who has been appointed Interim Vice Chairman of Cadence’s Board, and Kevin S. Palatnik, Senior Vice President and Chief Financial Officer. Charlie Huang, Senior Vice President – Business Development, has been named Chief of Staff of the Interim Office of the Chief Executive.
The company also announced that Kevin Bushby has resigned as Executive Vice President – Worldwide Field Operations, effective immediately. Thomas Cooley, Corporate Vice President – Field Marketing, will succeed Mr. Bushby. Furthermore James S. Miller, Jr., Executive Vice President – Products and Technologies Organization, William Porter, Executive Vice President and Chief Administrative Officer, and R.L. Smith McKeithen, Executive Vice President – Corporate Affairs, also announced their resignation effective immediately. The company does not intend to fill the positions held by Mr. Miller, Mr. Porter or Mr. McKeithen.
