WASHINGTON Cadence Design Systems Inc. announced on Thursday (Jan. 8) the appointment of Lip-Bu Tan as its new president and CEO, replacing Michael Fister, who resigned in October along with four other senior executives.
The Cadence board of directors voted unanimously to elevate Tan, 49, to the top spot, effective immediately.
The company also announced that it is dissolving an interim office of the chief executive created after Fister's resignation.
Cadence President and CEO
"While leading Cadence over the past few months, Lip-Bu has been instrumental in refining the company's strategy, optimizing its R&D structure, implementing audit committee recommendations resulting from its investigation of accounting issues, monitoring the completion of the financial restatement and executing on a significant restructuring plan," Cadence board chairman John Shoven said in a statement.
After Fister's sudden departure last fall, industry watchers warned that the management of Cadence would have to begin rebuilding the design company. Fister's attempt to acquire No. 3 EDA vendor Mentor Graphics Corp. earlier last year failed.
Tan joined the Cadence board in 2004. Cadence said he will continue to serve as chairman of a venture capital firm he founded in 1987.