01—Abstract
Summary
Summary of the 8-K filed September 27, 2010. Cited figures are marked; the original filing is the authoritative source.
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,a bonus eligibility, and significant stock option and award grants, indicating the company's commitment to retaining key talent in its financial operations.
02—Key points
Key Highlights
- CFO Kevin S. Palatnik is departing Cadence Design Systems to pursue other interests.
- Mr. Palatnik will remain with the company as an advisor through February 2011 to assist with transition.
- Geoff Ribar has been appointed as the new Senior Vice President and Chief Financial Officer, effective November 1, 2010.
- Mr. Ribar has a strong background as CFO at multiple semiconductor companies, including Telegent Systems, SiRF Technology, Matrix Semiconductor, and nVidia.
- Mr. Ribar's compensation includes an annualized base salary of $350,000 and eligibility for a targeted incentive bonus.
- New 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.
- The filing includes a press release dated September 27, 2010, announcing these changes.
03—Questions
Frequently Asked Questions
Why is the current CFO, Kevin S. Palatnik, leaving Cadence Design Systems?
Kevin S. Palatnik has elected to leave Cadence Design Systems to pursue other interests. He will transition from his CFO role around November 1, 2010, but will stay on as an advisor until February 2011 to aid in the transition process.
Who is the new Chief Financial Officer, and what is their background?
Geoff Ribar has been appointed as the new Senior Vice President and Chief Financial Officer. He has a substantial background in financial leadership, having previously served as CFO for companies like Telegent Systems, SiRF Technology, Matrix Semiconductor, and nVidia.
What is Geoff Ribar's compensation package?
Mr. Ribar will receive an annualized base salary of $350,000 and is eligible for an incentive bonus targeted at 75% of his base salary. He will also participate in the company's standard executive benefit programs. Additionally, he has been granted stock options and incentive stock awards that vest over a period of four years.
When will the new CFO, Geoff Ribar, officially start, and when will the departing CFO, Kevin S. Palatnik, finish his advisory role?
Geoff Ribar's appointment as CFO is effective November 1, 2010. Kevin S. Palatnik will continue as CFO until on or about November 1, 2010, and will then remain as an advisor through February 28, 2011.
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