In mid-October, after former CEO Mike Fister was sent packing, the board of Cadence Design Systems created an interim office of the chief executive to run the company and with a couple of the same people, set up a committee to find Fister's successor.
Having spent three months looking for a suitable candidate, that search committee decided the best option was to appoint one of its own: Cadence board member of five years' standing Lip-Bu Tan.
Tan was welcomed into the job by fellow search-committee member John Shoven, who is chairman of the board of directors, in the press release:
"Over the past several months, our board has conducted an extensive search for a CEO candidate with the expertise and ability to effectively navigate the challenges facing Cadence and the industry and to capitalise on the opportunities in the market we serve.
“While leading Cadence over the past few months, Lip-Bu has been instrumental in refining the company’s strategy, optimising its R&D structure, implementing audit committee recommendations resulting from its investigation of accounting issues, monitoring the completion of the financial restatement, and executing on a significant restructuring plan."
Tan's background is as a venture capitalist, having started in the nuclear engineering business. It's not clear right now whether he will remain chairman of his VC firm Walden International or move to a non-exec role there or give up some of his non-exec positions at other companies.