- Push-out Score determined
- After almost 13 years in the position
- Accolades, praise and thanks for Tan
- Anirudh Devgan taking over
- Tan will remain as executive chairman at Cadence Design
- Tan spoke at length and said 176 words
(exechange) — San Jose, California, July 26, 2021 — Lip-Bu Tan, chief executive of Cadence Design, leaves his position. As announced by Cadence Design Systems Inc. in a news release and in a regulatory filing published on Monday, July 26, 2021, Lip-Bu Tan leaves his post as chief executive officer at the computational software company after almost 13 years in the role, effective December 15, 2021.
Lip-Bu Tan’s duties as CEO will be taken over by Anirudh Devgan, currently President at Cadence Design Systems Inc.
“An opportune time to pass the baton”
Lip-Bu Tan’s departure from the CEO post is explained as follows. Tan said: “The Board and I feel that this is an opportune time to pass the baton to the next generation, and Anirudh is the right person to lead the company through its next phase of growth.”
Tan will remain as executive chairman at Cadence Design
“Cadence Design Systems, Inc. (Nasdaq: CDNS) today announced that its Chief Executive Officer Lip-Bu Tan, will transition to the role of executive chairman on December 15, 2021, with President Anirudh Devgan, assuming the role of president and CEO at that time,” Cadence Design said.
“Step down”
Cadence Design said: “On July 21, 2021, the Board of Directors (the “Board”) of Cadence Design Systems, Inc. (the “Company”) appointed Anirudh Devgan, Ph.D., currently the Company’s President, as President and Chief Executive Officer of the Company effective December 15, 2021 (the “Transition Effective Date”). Dr. Devgan will replace Lip-Bu Tan, who will step down as Chief Executive Officer of the Company and will assume the position of Executive Chair of the Company as of the Transition Effective Date and continue to serve as a director.”
Share price increase since July 2016
The announcement follows an increase in Cadence Design Systems Inc.’s share price of 497% since July 2016.
Chaired by John Shoven
John Shoven serves as Cadence Design Systems Inc.’s Chairman.
John B. Shoven has served as a director of Cadence since 1992 and as Chairman of the Board since 2005.
In the position of CEO since 2009
Lip-Bu Tan became CEO of the Company in 2009.
Tan has served as Chief Executive Officer of Cadence since 2009.
From January 2009 to November 2017, Tan also served as President of Cadence.
In 1987, Tan founded Walden International, an international venture capital firm, and has served as its Chairman since its founding.
Tan served as a director of Flextronics International Ltd. from 2003 to 2012, Inphi Corporation from 2002 to 2012, SINA Corporation from 1999 to 2015, Ambarella, Inc. from 2004 to 2017, Quantenna Communications, Inc. from 2015 to 2018, Semiconductor Manufacturing International Corporation from 2001 to 2018, Aquantia Corp. from 2015 to 2019 and Advanced Micro-Fabrication Equipment Inc. China (AMEC) from 2005 to 2020.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Lip-Bu Tan’s move on a scale of 0 to 10.
exechange reached out to Cadence Design and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 31.2021 ($).