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Bingham Retires From Cadence
Written by Tracy Heffner
Monday, 11 July 2005
SAN JOSE – Cadence Design Systems Inc. has reported that Executive Chairman Ray Bingham plans to retire on July 31, and will be succeeded by lead director John B. Shoven.
Bingham has been executive chairman since May 2004, after serving as president and CEO since 1999 and as CFO since 1993. In May 2004, Michael J. Fister took over the president and CEO posts. “The goal of our transition process was to maintain uninterrupted leadership for Cadence, and we have accomplished that," said Bingham. "Mike brings tremendous talent, experience and energy to Cadence, and has my greatest confidence. 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. I am extremely proud of our numerous accomplishments.” "Ray led Cadence with a steady hand during a period of tremendous uncertainty in the EDA and semiconductor industries," said Fister. "We are grateful for what Ray has done for the company during his tenure. His untiring efforts to strengthen the company's technology leadership and nurture key strategic partnerships give us a strong foundation on which to build. I personally thank him for working with me so closely over the last year to ensure a smooth leadership transition."
Shoven is the Charles R. Schwab Professor of Economics at Stanford University, and the director of the Stanford Institute for Economics Policy Research. A member of the Cadence board since 1992, Shoven is currently chairman of the corporate governance and nominating committee, and a member of the audit committee.
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