Intel exec replaces Bingham as Cadence CEO

SANTA CRUZ, Calif. — Reaching into industry for new leadership, Cadence Design Systems Wednesday (May 12) announced that former Intel executive Michael Fister has been named president and CEO. He replaces Ray Bingham, who has been elected chairman of Cadence's board of directors.

The appointment follows intense speculation that Bingham might step aside. Bingham has been subject to criticism because of his lack of an engineering background, and because Synopsys has bypassed Cadence to claim the number one spot in EDA industry revenue.

Fister was most recently senior vice president at Intel and general manager of the enterprise platforms group, which designs, markets, and supports building blocks for enterprise computing. He was responsible for the design, development, and marketing of IA-32 processors, including the Pentium Pro, Pentium II and III, Celeron, and Xeon processors.

In a May 12 analyst conference call, Bingham did not explain why he stepped aside as CEO, but he lauded Fister's background and expertise. "These moves mark the continued building of our executive team and the continuing transformation of Cadence into the leading technology company in our industry," Bingham said.

"The divisions he [Fister] has led at Intel have been some of our most demanding EDA customers," Bingham said. "He brings a unique understanding of what our customer needs are, and he can translate that insight into a strategic vision for Cadence's future."

Bingham said his immediate responsibility will be to work with Fister on the transition, and that beyond that, he will focus on global growth strategies and relationships with customers, partners and shareholders.

"I've had a great career in the semiconductor industry, and I'm really looking forward to moving to the CEO role of a leading company in an industry so critical to the future of the electronic and semiconductor industries," Fister said.

Fister, who referred to himself as a "student" during the call, offered few specifics about the direction in which he intends to take Cadence. He did, however, laud Cadence's open database strategy, and cite yield improvement and enhancement as a key area for future expansion.

"I think the move into open systems frameworks is a powerful new move, and it will be highly rewarded if we execute," Fister said. "It parallels stuff we've seen in the IT industry and what we did at Intel under my tutelage."

Cadence represents an "extraordinary bunch of people," Fister said. "I don't contemplate doing anything different right now until we think about it and see if any change is necessary."

Former Cadence chairman Donald Lucas will continue on the board as a director. Roger Siboni, chairman and former CEO of Epiphany, has been named Cadence's lead director.