Exhibit 99.01
For more information, please contact:
Jennifer Jordan
Investors and Shareholders
Cadence Design Systems, Inc.
408-944-7100
Adolph Hunter
Media and Industry Analysts
Cadence Design Systems, Inc.
408-914-6016
Cadence
Appoints Lip-Bu Tan President and
Chief Executive Officer
SAN
JOSE, Calif., Jan. 8, 2009 – Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced that
its Board of Directors has unanimously appointed Lip-Bu Tan as
president and chief executive
officer, effective immediately. Tan, who had been serving as interim
vice chairman of the Board
of Directors of Cadence® and member of the Interim Office of the Chief Executive, will remain a
member of the Board.
“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. “On behalf of our Board of Directors, I am pleased to announce Lip-Bu as
Cadence’s president and CEO. While leading Cadence over the past few months, Lip-Bu has been
instrumental in refining the company’s strategy, optimizing its R&D structure, implementing audit
committee recommendations resulting from its investigation of accounting issues, monitoring the
completion of the financial restatement, and executing on a significant restructuring plan. We are
fortunate to have someone of Lip-Bu’s caliber who possesses the vision and experience to lead
Cadence at this critical time.”
“Having served as a member of Cadence’s Board of Directors for almost five years and as a member
of the interim leadership team since October, I know firsthand the challenges we face and the
opportunities that lie ahead,” Tan said. “Cadence is widely recognized for its product
leadership, innovation and robust technology portfolio. I am confident that Cadence is solidly
positioned to execute on its business strategy to help customers succeed, while improving
efficiency and productivity, and investing in areas that enhance our competitive position. 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 build value for our shareholders.”
“On behalf of the Board of Directors and management team, I would like to thank the other members
of our Interim Office of the Chief Executive, Kevin Palatnik and Charlie Huang, as well as each of
our world class employees, for their dedication to Cadence during this transition,” added Shoven. “Thanks to their collective hard work, Cadence has a solid foundation in place and is
poised for strong performance in the future.”
In connection with Tan’s appointment, Cadence announced today that the Interim Office of the
Chief Executive has been dissolved. The members of the Interim Office of the Chief Executive will
resume their positions with the company: Shoven will continue to
serve as chairman
of the Board of Directors; Huang will serve as senior vice president
and chief strategy
officer; and Palatnik will continue to serve as senior vice president
and chief financial
officer.
About Lip-Bu Tan
Lip-Bu Tan, 49, has been a member of Cadence’s Board of Directors since 2004, and serves as a
member of the Finance and Technology Committees of the Board. He
continues to serve as chairman of
Walden International, a venture capital firm he founded in 1987. Tan received an M.S. in
nuclear engineering from the Massachusetts Institute of Technology, an MBA from the University of
San Francisco, and a B.S. from Nanyang University in Singapore.
About Cadence
Cadence enables global electronic design innovation and plays an essential role in the creation of
today’s integrated circuits and electronics. Customers use Cadence software and hardware,
methodologies, and services to design and verify advanced semiconductors, consumer electronics,
networking and telecommunications equipment, and computer systems. The company is headquartered in
San Jose, Calif., with sales offices, design centers, and research facilities around the world to
serve the global electronics industry. More information about the company, its products, and
services is available at www.cadence.com.
Cadence is a registered trademark and the Cadence logo is a trademark of Cadence Design Systems,
Inc. All other trademarks are the property of their respective owners.
The
statements contained above by Dr. John B. Shoven and Lip-Bu Tan include forward-looking
statements based on current expectations or beliefs, as well as a number of preliminary assumptions
about future events that are subject to factors and uncertainties that could cause actual results
to differ materially from those described in the forward-looking statements. Readers are cautioned
not to put undue reliance on these forward-looking statements, which are not a guarantee of future
performance and are subject to a number of risks, uncertainties and other factors, many of which
are outside Cadence’s control, including, among others: (i) Cadence’s ability to compete
successfully in the electronic design automation product and the commercial electronic design and
methodology services industries; (ii) Cadence’s ability to successfully complete and realize the
expected benefits of the previously announced restructuring without significant unexpected costs or
delays; (iii) change in customer demands, including the possibility that the announcement of our
restructuring and management changes could result in delays in customers’ purchases of products and
services; (iv) economic and industry conditions in regions in which Cadence does business; (v)
fluctuations in rates of exchange between the U.S. dollar and the currencies of other countries in
which Cadence does business; (vi) the effects of the announcement of the restructuring and
management changes on Cadence’s business, including its strategic and customer relationships,
ability to retain key employees and stock prices; and (vii) the effects of any litigation and other
proceedings to which we are or may become a party.
For a detailed discussion of these and other cautionary statements, please refer to the company’s
filings with the Securities and Exchange Commission. These include the company’s Annual Report on
Form 10-K for the year ended December 29, 2007 and the risk
factors section of Cadence’s Quarterly
Report on Form 10-Q for the period ended September 27, 2008.
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