Cadence Cleans House
Cadence Design Systems turned over its top management team today following sliding earnings, including a 95 percent drop in net income during the second quarter.
Among those who resigned are:
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Michael Fister, president and CEO;
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Kevin Bushby, executive vice president of worldwide field operations;
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James S. Miller Jr., executive vice president of the products and technologies organization;
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William Porter, executive vice president and chief administrative officer, and
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R.L. McKeithen, executive vice president of corporate affairs.
An Interim Office of the Chief Executive will co-chaired by company chairman John Shoven and interim vice chairman Lip-Bu Tan until a new CEO can be found. In addition, Bushby’s role will be filled by Thomas Cooley, corporate vice president of field marketing.
The company has no plans to fill the positions held by Miller, Porter and McKeithen, according to the announcement.
Cadence declined to comment on the changes. But a release by J.P. Morgan called the changes a “significant positive” move. “We think this was a necessary step to show employees, customers and investors how serious the board is on making sweeping changes to bring Cadence back to levels of business it was generating in 1H07.”
October 16th, 2008 at 6:42 pm
[...] Ed Sperling’s analysis and blog at Systems Level Design portal – Cadence Cleans House – The Fester of [...]
October 17th, 2008 at 10:35 am
EDA appears to be the “walking dead”. Too few customers and too many suppliers. EDA vendors need to reassess their core competencies, polish off their differentiators, and move into other directions besides “commodity” EDA.
There’s countless opportunities in timing analysis, ESL, IP interface co-existence…and the big one: ANYTHING that would make FPGA design easier.
C2