Cadence Design Systems, Inc. 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. 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%, and the stock price appreciated by more than 3,200%.