Cadence Eliminates at least 12% of Workforce
My friend on the inside was right; Wednesday was the day, judging by today’s news release. Cadence expects to eliminate, “at least 625 full-time positions, representing 12% of its global employee base, plus a substantial number of contractors and consultants.” Sources tell me this number will be closer to 1,000 by Dec’08. And this number is on top of quieter layoffs that have occurred since the summer.
My heart goes out to all those seasoned and skilled professionals who lost their jobs. I hope the new management – as yet to be announced – will be able to turn Cadence around. It’s certainly possible, but time is running out as the EDA industry continues to consolidate.