For more information, contact:
Mike Sottak, Cadence Design Systems, Inc.
408-428-5036 ~ sottak@cadence.com
Don Mitchell, Mitchell and Company
askdonmitchell@yahoo.com
CADENCE HONORED AS MITCHELL AND COMPANY'S FIRST "400-YEAR PROJECT" PROTOTYPE COMPANY
Consulting firm cites Cadence as a model for rapid future progress
NEW YORK, NY -- September 22, 1997 -- Cadence Design Systems, Inc. was recognized today by management consulting firm Mitchell and Company as a prototype company for future management practices, positioning itself for rapid growth and significant contribution to the industrialized world. The honor is part of Mitchell and Company's "400-Year Project," which seeks to define the characteristics and operating model required for organizations to achieve 20 times the normal rate of company progress over a 20-year period. Cadence was honored at the annual meeting for the project here.
The Mitchell and Company project analyzes the possibility and potential impact of compressing 400 years' worth of typical company progress into a 20-year span, thus achieving a 20X improvement in effectiveness. Cadence's rapid growth over the past several years -- including the evolution of its business model from a product supplier to a solutions partner for its customers -- and its potential to facilitate significant technical and cultural progress for people across the globe were all key factors in the firm's selection of Cadence as a model for the future.
"Cadence has demonstrated the type of organizational and customer-focused vision that we believe will define the highest level of success in the next century," said Donald W. Mitchell, chairman of Mitchell and Company. "It is an ideal company to benchmark our research into achieving dramatic improvements in productivity and contributions to society."
The project looks at corporate elements that are keys to rapid progress, such as corporate leadership, manufacturing and operational efficiencies, market development and expansion strategies, human resource issues, and capital management. Mitchell and Company will monitor and report on Cadence's evolution over the next 20 years and analyze the processes and best practices it employs to achieve success within the company itself and with the customers, partners and communities with which it works. More than 150 companies are contributing to the project.
"This project is all about seeking out and instituting major change, which is the fundamental issue corporations must deal with in today's world, especially in high technology marketplaces," said Joe Costello, president and CEO of Cadence. "We are honored to be cited as a model to further examine the issue associated with the dramatically increased pace of life we all must deal with, and hope that lessons learned can be applied elsewhere for the benefit of many other individuals and companies."
More information on the project can be found at Mitchell and Company's World Wide Web site: http://www.fastforward400.com.
About Mitchell and Company
Founded in 1977, Mitchell and Company has focused its practice on stock-price improvement for large companies, operating strategy enhancements for large divisions of major companies, and providing research and administrative services to Outstanding Chief Executive Officers, Outstanding Assistants to Chief Executive Officers, Leading Chief Financial Officers, Share Price Growth 100, and Leading Division Presidents 100.
About Cadence
Cadence Design Systems, Inc. provides comprehensive services and technology for the product development requirements of the world's leading electronics companies. Cadence is the largest supplier of software tools and professional services used to accelerate and manage the design of semiconductors, computer systems, networking and telecommunications equipment, consumer electronics, and a variety of other electronic-based products. With more than 3,300 employees and 1996 annual sales of $742 million, Cadence has sales offices, design centers, and research facilities around the world. The company is headquartered in San Jose, Calif. and traded on the New York Stock Exchange under the symbol CDN. More information about the company, its products, and services may be obtained from the World Wide Web at http://www.cadence.com.
Cadence president and CEO Joe Costello, was number one on Mitchell and Company's 1997 CEO Performance Index. Click here to read the May 1997 CEO 100 article.
© 1997 Mitchell and Company | E-mail | Legal
© 1997 Developed by Interactive Media Advertising Group, Inc.