EDA’s top player Cadence Design Systems Inc. said today it has completed its executive leadership transition to Mike Fister, president and CEO.

The transition began in May 2004 with Fister’s appointment, when then-executive chairman Ray Bingham announced his retirement from the company as of July 31.

Bingham is stepping down as executive chairman and as a member of the Cadence board of directors, a position he had held since May 2004, after serving as president and CEO since 1999 and as executive VP and CFO of the San Jose, Calif.-based company since 1993.

“The goal of our transition process was to maintain uninterrupted leadership for Cadence, and we have accomplished that,” Bingham said in a statement.

“Mike brings tremendous talent, experience and energy to Cadence, and has my greatest confidence,” he continued.

“The last six years have been exciting but extraordinarily demanding, and the time is now right for me to step down and focus on my many other commitments,” he explained.

“I am extremely proud of our numerous accomplishments…We have restored our technology leadership and forged major strategic partnerships with key industry leaders,” Bingham added.

Commenting on the transition, Fister said, “Ray led Cadence with a steady hand during a period of tremendous uncertainty in the EDA and semiconductor industries.”

“We are grateful for what Ray has done for the company during his tenure,” he continued.

“His untiring efforts to strengthen the company’s technology leadership and nurture key strategic partnerships give us a strong foundation on which to build,” Fister added.

In light of Bingham’s retirement, Dr. John B. Shoven has been elected chairman of Cadence’s board of directors.

Shoven is the Charles R. Schwab Professor of Economics at Stanford University, and the director of the Stanford Institute for Economics Policy Research.

He has been a member of Cadence’s board since 1992, has been serving as the board’s lead director, is currently chairman of the corporate governance and nominating committee and is a member of the audit committee.

By: DocMemory
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