Harding out in Cadence rejig

Harding out in Cadence rejig
Richard Ball Cadence has ousted president and CEO Jack Harding from its board of directors after a warning of little or no growth this year led to a crash in the firm’s share price. Replacing Harding is Ray Bingham, chief financial officer since 1993. Although not an engineer, Bingham has six years’ experience of the industry and has earned respect from the investor community. The change comes a week after Harding announced that revenue and income for the remainder of 1999 would be ‘flat’. Analysts and investors were expecting something closer to 20 per cent growth. Indeed, as recently as January Harding said the company was “well positioned for growth in 1999”. Wall Street investors were shocked by the announcement, which sent shares tumbling from over $20 to under $12.50. This 40 per cent drop is said to have precipitated Harding’s removal from the helm. New chief executive Bingham has already made changes within Cadence. Two divisions have been formed: design productivity and design realisation, led by Shane Robison and John Olsen respectively. The focus will provide greater emphasis on EDA products and services, the company said.


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