SAN JOSE, CA – The Board of Directors at Cadence Design Systems Inc. has appointed Lip-Bu Tan as president and CEO, effective immediately. Tan had been serving as interim vice chairman of the Board and was a member of the Interim Office of the Chief Executive. He will retain his Board membership.
 
Tan has been instrumental in refining Cadence’s strategy, optimizing the R&D structure, implementing audit committee recommendations and executing on a significant restructuring plan. “Over the past several months, our board has conducted an extensive search for a CEO candidate with the expertise and ability to effectively navigate the challenges facing Cadence and the industry and to capitalize on the opportunities in the market we serve,” said Dr. John Shoven, chairman of the Board of Directors.
 
Since 2004, Tan has been a member of the company’s Board of Directors. Presently, he serves as a member of the Finance and Technology Committees of the Board. In conjunction with Tan’s appointment, Cadence has dissolved the Interim Office of the Chief Executive. Members will resume their positions within the company.
 
“I am honored to lead Cadence as president and CEO and look forward to continuing to work closely with the Board and our talented and dedicated employees around the globe to deliver compelling products and solutions to our customers and to build value for our shareholders,” said Tan.