Devgan, 51, has served as president of Cadence since 2017 and oversees all the research and development, sales and field engineering as well as corporate strategy, marketing and business development groups, including mergers and acquisitions. Devgan is joining the Cadence board of directors effective August 2, 2021.
Tan, 61, who has extensive experience in venture capital, became Cadence CEO in January 2009 and has overseen a period of strong business success. In the time since he became CEO the company's annual revenue has tripled to $3 billion and the share price has increased by 3,200 percent.
"As executive chairman, I will focus on identifying new market expansion opportunities, key strategic initiatives, deepening relationships with our valued customers and on maximizing shareholder value," said Tan in a statement.
Prior to joining Cadence, Devgan held leadership positions at Magma Design Automation and IBM. Devgan received a Bachelor of Technology degree in electrical engineering from the Indian Institute of Technology, Delhi, and MS and PhD degrees in electrical and computer engineering from Carnegie Mellon University.
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