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UPDATE: Cadence Shake Up, CEO and Execs Resign

Published: 15 October 2008
 by Staff
SAN JOSE, CA -- Cadence president, chief executive officer and director Michael Fister has resigned. The company also announced the resignation of Kevin Bushby, EVP - worldwide operations,  James S. Miller, Jr., EVP - products and technologies organization, William Porter, EVP and CAO and R.L. Smith McKeithen, EVP corporate affairs.

Thomas Cooley, corporate vice president - field marketing will succeed Mr. Bushby. According to the board, the other open EVP positions will not be filled.

The board, which agreed with the resignations, has formed an interim office of the chief executive, which includes interim executive chairman John Shoven, interim vice chairman Lip-Bu Tan, chief financial officer Kevin Palatnik and chief of staff of the interim office of the chief executive Charlie Huang. A search committee has been tasked with finding a permanent replacement for Fister.  

The company third quarter estimates have been projected to be in the range of $235 million to $245 million. The resulting third quarter net loss per share is estimated to be in the range of $0.27 to $0.25 on GAAP basis and in the range of $0.11 to $0.09 on non-GAAP basis.

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