Anirudh Devgan

President and CEO at CADENCE DESIGN SYSTEMS

Board

Since December 2021

Age

55 years

Education

Holds a B.Tech. in Electrical Engineering from the Indian Institute of Technology, Delhi and an M.S. and Ph.D. in Electrical and Computer Engineering from Carnegie Mellon University.

Tenure

Joined Cadence in May 2012; held roles as Senior Vice President for Research and Development, then Executive Vice President, and was promoted to President in November 2017 and to CEO in December 2021.

Also at CADENCE DESIGN SYSTEMS

Chin-Chi Teng

Senior Vice President and GM, Digital and Signoff Group

JMW

John M. Wall

Senior Vice President and CFO

Karna Nisewaner

Senior Vice President, General Counsel, and Corporate Secretary

About

An experienced leader with a strong technical background, he has navigated a dynamic career in the technology and semiconductor industries. His early professional journey featured influential roles at companies such as IBM and Magma Design Automation, where he honed his skills in management and innovation.

He joined Cadence Design Systems in May 2012, embarking on a trajectory that saw him advance through several leadership roles. During his tenure, he contributed significantly to the company’s research and development efforts and later guided the organization as President and Chief Executive Officer.

Throughout his career, he has been recognized for his technical expertise and strategic leadership, receiving awards such as the IEEE/SEMI Phil Kaufman Award and being inducted into the National Academy of Engineering. His academic achievements and industry contributions underscore a career dedicated to technological innovation and excellence.

$CDNS Performance Under Anirudh Devgan

Past Roles

Organization	Role	Date Range	Details
Cadence Design Systems (CDNS)	Executive Vice President, Research and Development	March 2017 - November 2017	Former R&D leadership role at CDNS
Cadence Design Systems (CDNS)	Senior Vice President, Research and Development	November 2013 - March 2017	Former R&D role prior to current CEO position
Cadence Design Systems (CDNS)	Executive Vice President and General Manager, Digital & Signoff and System & Verification groups	N/A	Former role at CDNS
Magma Design Automation, Inc.	General Manager and Corporate Vice President – Custom Design Business Unit	May 2005 - March 2012	Electronic Design Automation (EDA) industry
IBM	Management and technical positions	N/A	Received IBM Outstanding Innovation Award

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Base Salary	$750,000	Annual	Fixed base salary for 2023
401(k) Matching Contributions	$9,900	Annual	Part of All Other Compensation
Term Life Insurance Premiums	$1,872	Annual	Part of All Other Compensation
Total Fixed Compensation	$761,772	Annual	Sum of Base Salary and All Other Compensation

Performance Compensation

Data from FY 2023

Non-Equity Incentive Plan Compensation (SEBP)

Metric	1st Half 2023	2nd Half 2023
Revenue Target	$1,990 million	$2,072 million
Actual Revenue	$1,998 million	$2,092 million
Non-GAAP Operating Margin Target	41.5%	41.5%
Actual Non-GAAP Operating Margin	41.9%	42.2%
Company Performance Factor	102.41%	104.59%

Bonus Calculation

Detail	Value
Base Salary	$750,000
Target Bonus Percentage	125%
Target Bonus Amount	$937,500
Actual Bonus Earned	$1,187,386
1st Half Bonus	$577,496 at 123.2%
2nd Half Bonus	$609,890 at 130.1%

Performance Components & Weights

Component	Weight	Additional Details
Revenue Component	45%	Evaluated against revenue targets; actual performance slightly above target in both halves
Non-GAAP Operating Margin	55%	Evaluated against margin targets; actual performance exceeded targets
Cadence Culture Modifier	20%	Part of Individual Performance; includes diversity, equity, inclusion, sustainability & talent dev
Executive Leadership Component	80%	Part of Individual Performance; includes strategic objectives, leadership and fiscal management

Evaluation Period: 2023 (divided into 1st and 2nd half assessments).

Note: The overall performance compensation is calculated based on both company and individual performance factors. The incentive awards are determined by performance against pre-established metrics and result in bonus payments, as detailed above.