Cadence: CEO Fister, Other Execs Resign; Stock Tumbles
Cadence Design Systems (CDNS) this morning announced the resignation of CEO Michael Fister “by mutual agreement” with the company’s board. Also headed for the exits: Kevin Bushby, EVP for worldwide field operations; James Miller, EVP for products and technologies organization; William Porter, chief administrative officer; and R.L. Smith McKeithen, EVP for corporate affairs.
Cadence named an interim office of the chief executive to oversee day-to-day operations, including Chairman John Shoven, new Vice Chairman Lip-Bu Tan and CFO Kevin Palatnik. The company has started a search for a new CEO.