8-KLeadership Changes

CADENCE DESIGN SYSTEMS INC 8-K Report, Executive Changes (Mar 5, 2021)

Filed March 5, 2021For Securities:CDNS

Summary

Cadence Design Systems, Inc. (CDNS) has filed an 8-K report to announce the departure of a key board member. Susan L. Bostrom has informed the Board of Directors that she will not seek re-election at the upcoming 2021 Annual Meeting of Stockholders, scheduled for May 6, 2021. Ms. Bostrom's tenure on the board will conclude at that time, marking the end of her service after a significant period, including a prior term. She has been instrumental in various board committees, notably serving as Chair of the Strategy Committee and as a member of the Compensation Committee and the Corporate Governance and Nominating Committee. The company has formally expressed its gratitude for her dedicated service and valuable contributions.

Key Highlights

  • 1Susan L. Bostrom will not seek re-election to the Board of Directors at the 2021 Annual Meeting.
  • 2Ms. Bostrom's term as a director will end on May 6, 2021, the date of the Annual Meeting.
  • 3Ms. Bostrom has served on the Cadence Board since 2011, with a prior term from 2001 to 2005.
  • 4She currently holds key leadership positions as Chair of the Strategy Committee.
  • 5Ms. Bostrom also serves on the Compensation Committee and the Corporate Governance and Nominating Committee.
  • 6The Board of Directors acknowledged and appreciated Ms. Bostrom's contributions and service.
  • 7This change impacts board composition and committee leadership.

Frequently Asked Questions

Susan L. Bostrom has informed the Board of Directors that she does not wish to seek re-election at the 2021 Annual Meeting of Stockholders. Her departure is a personal decision not to stand for re-election.

Ms. Bostrom's term as a director will conclude at the 2021 Annual Meeting of Stockholders, which is anticipated to be held on May 6, 2021.

Ms. Bostrom has served on the Board since 2011 and previously from 2001 to 2005. Currently, she is the Chair of the Strategy Committee and also a member of the Compensation Committee and the Corporate Governance and Nominating Committee.

The filing states Ms. Bostrom has chosen not to seek re-election and the Board expressed appreciation for her service. There is no indication in this filing of any performance or governance issues; it appears to be a standard directorial transition.