8-K
filed July 26, 2021, 7:59 PM ET
ticker CDNS
CIK 0000813672
leadership
confidence high
sentiment positive
materiality 0.85
Cadence Design Systems CEO succession: Anirudh Devgan to take over as CEO on Dec 15, 2021
CADENCE DESIGN SYSTEMS INC
- Lip-Bu Tan steps down as CEO on Dec 15, 2021, becomes Executive Chairman; Anirudh Devgan, current President, becomes President and CEO.
- Devgan joins the Board of Directors effective August 2, 2021.
- John Shoven appointed lead independent director effective December 15, 2021.
- Under Tan's leadership since 2009, revenue grew from <$1B to ~$3B and stock appreciated >3,200%.
- Devgan drove the Intelligent System Design strategy, expanding TAM to $30B.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 1.0
Lip-Bu Tan departed as Chief Executive Officer at CADENCE DESIGN SYSTEMS INC.
- Action
- step down
- Role
- Chief Executive Officer
Exact text from the filing
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.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Anirudh Devgan was appointed as President and Chief Executive Officer at CADENCE DESIGN SYSTEMS INC.
- Action
- appointed
- Role
- President and Chief Executive Officer
Exact text from the filing
appointed Anirudh Devgan, Ph.D., currently the Company’s President, as President and Chief Executive Officer of the Company effective December 15, 2021
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Lip-Bu Tan changed role as Executive Chair at CADENCE DESIGN SYSTEMS INC.
- Action
- will assume
- Role
- Executive Chair
Exact text from the filing
will assume the position of Executive Chair of the Company as of the Transition Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Anirudh Devgan was appointed as director at CADENCE DESIGN SYSTEMS INC.
- Action
- appointed
- Role
- director
Exact text from the filing
approved an increase in the size of the Board from nine to ten directors, and appointed Dr. Devgan as a director, each effective as of August 2, 2021
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
John Shoven was appointed as lead independent director at CADENCE DESIGN SYSTEMS INC.
- Action
- appointed
- Role
- lead independent director
Exact text from the filing
appointed John Shoven, Ph.D., the Board’s current Chairman, to serve as the lead independent director of the Board, effective as of the Transition Effective Date.
View on SEC.gov
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