Exhibit 99.1
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Cadence Announces Anirudh Devgan to Become CEO in December 2021; Lip-Bu Tan to Transition to Role of Executive Chairman at That Time
SAN JOSE, Calif., July 26, 2021—
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. Devgan is joining the Cadence Board of Directors effective August 2, 2021. Chairman of the Board, John Shoven, has been appointed lead independent director, effective December 15, 2021. Tan and Devgan will continue their close partnership, which has delivered strong growth and consistent business results over the past four years.
Tan, 61, became CEO in January 2009 and reinvented the company, driving a fundamental cultural transformation that was rooted in leapfrog innovation and a relentless focus on delighting customers. Under his stewardship, Cadence successfully launched highly innovative products, made strategic acquisitions and forged deep and trusted partnerships with market-shaping customers and ecosystem players. On his watch, revenue grew from less than $1 billion to almost $3 billion, operating margins expanded to more than 35 percent, and the stock price appreciated by more than 3,200 percent.
“I am extremely proud of the Cadence team’s accomplishments and am humbled and honored by the confidence and trust that our customers have placed in us,” said Tan. “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. 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. 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. 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.”