Lip-Bu Tan is passing over the reins of Cadence Design Systems at the end of the year, moving to executive chairman.
The current president Anirudh Devgan will join the board of directors in August and will take over as president and CEO in December. The current Chairman of the Board John Shoven has been appointed lead independent director.
Tan, 61, became CEO in January 2009 and the company has grown revenues from under $1bn to almost $3bn. Devgan, 51, has been handling all the research and development, sales and field engineering as well as corporate strategy, marketing and business development groups, including mergers and acquisitions.
Devgan has been driving the technology and product roadmap and was the architect of several innovations, including the current Intelligent System Design strategy. He joined Cadence in 2012 from Magma Design Automation after it was acquired by Synopys, and has been executive vice president and general manager of the Digital & Signoff and System & Verification Groups at Cadence.
“With its exciting growth strategy, broad leadership technology portfolio, marquee customer base and strong market position, Cadence is in the strongest position in its 33-year history,” said Tan. “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. Anirudh is a renowned technology leader with a distinguished track record of strategic vision, innovation, execution, customer success and business results. I’m confident that he will take Cadence to new heights.”
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Tan will look at strategic partnerships and new markets, as he is also chairman of venture capital fund Walden International.
“As executive chairman, I will focus on identifying new market expansion opportunities, key strategic initiatives, deepening relationships with our valued customers and on maximizing shareholder value,” he said. “Anirudh and I have jointly led the company over the past few years, and we will continue to partner closely in our new roles to maximize the tremendous opportunities that lie ahead.”
“Lip-Bu drove a comprehensive company transformation that has led to delivering exceptional value for shareholders,” said John Shoven, chairman of Cadence’s Board of Directors. “He has created an enduring culture of innovation, execution and passion for customer success and built a firm foundation for sustained, long-term growth. On behalf of the Board, I would like to express our heartfelt gratitude to Lip-Bu and look forward to a seamless CEO transition as we continue executing on our rigorous succession plan. The Board is confident that Anirudh, who has driven the development and execution of the company’s exciting strategic direction, is uniquely qualified to be the next leader of the company. Lip-Bu, Anirudh and the executive management team have the Board’s full support as we work together to take Cadence to the next level.”
“Our Intelligent System Design strategy, along with our broad and expanding innovative portfolio, uniquely position us to capitalize on the tremendous opportunities that lay ahead as we deliver differentiated solutions to our growing customer base," said Devgan. "Along with the more than 9,000 talented Cadence employees, Lip-Bu and I remain committed to accelerating our innovation, deepening our customer and ecosystem partnerships and continuing to delight our shareholders.”
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