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Cadence finds new CEO at Intel

A former Intel exec has been recruited to be the new CEO as the outgoing chief moves to chairman of Cadence Design Systems' board of directors.

Cadence Design Systems on Wednesday said Intel executive Michael J. Fister will succeed its president and chief executive officer, Ray Bingham, who was elected chairman of the firm's board of directors.

Fister had been with Intel for 17 years, most recently as senior vice president and general manager of the enterprise platforms group.

He will be replaced at Intel by Abhijit Y. Talwalkar, who most recently served as vice president of the enterprise platforms group and general manager of the platform products group, that company said in a separate statement.

At the same time that Talwalkar was promoted, Intel also has raised the profile of a software group that formerly was part of the enterprise platforms group.

The software solutions group, which focuses on products such as compilers or drivers, now reports directly to Intel senior management, Intel spokesman Scott McLaughlin said.

The software group is led by co-general managers Will Swope and Richard Wirt.

Cadence, based in San Jose, Calif., supplies electronic design technologies, methodology and design services. A variety of semiconductor, telecommunications and networking equipment and consumer electronics manufacturers use design tools developed by Cadence, which has around 4,800 employees, and reported revenue of nearly $1.1 billion in 2003.