Summary
This 8-K filing announces a significant leadership change in the finance department of Cadence Design Systems, Inc. (CDNS). Kevin S. Palatnik, the Senior Vice President and Chief Financial Officer (CFO), has elected to leave the company to pursue other opportunities. Mr. Palatnik will transition out of his CFO role on or about November 1, 2010, but will remain with Cadence as an advisor until February 2011 to ensure a smooth handover. Concurrently, the company has appointed Geoff Ribar as the new Senior Vice President and CFO, effective November 1, 2010. Mr. Ribar brings extensive financial leadership experience from various semiconductor companies, including his recent role as CFO at Telegent Systems, Inc. His compensation package includes a base salary of $350,000, bonus eligibility, and significant stock option and award grants, indicating the company's commitment to retaining key talent in its financial operations.
Key Highlights
- 1CFO Kevin S. Palatnik is departing Cadence Design Systems to pursue other interests.
- 2Mr. Palatnik will remain with the company as an advisor through February 2011 to assist with transition.
- 3Geoff Ribar has been appointed as the new Senior Vice President and Chief Financial Officer, effective November 1, 2010.
- 4Mr. Ribar has a strong background as CFO at multiple semiconductor companies, including Telegent Systems, SiRF Technology, Matrix Semiconductor, and nVidia.
- 5Mr. Ribar's compensation includes an annualized base salary of $350,000 and eligibility for a targeted incentive bonus.
- 6New hire stock awards for Mr. Ribar include options for 200,000 shares with a four-year vesting schedule and an incentive stock award of 40,000 shares with a four-year vesting schedule.
- 7The filing includes a press release dated September 27, 2010, announcing these changes.