Synopsys Inc 8-K, filed Sep 13, 2021
Synopsys Inc (SNPS)
About this 8-K
Synopsys Inc filed this 8-K on September 13, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
(Exact name of Registrant as specified in charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices)
Registrant’s telephone number, including area code:
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading |
Name of each exchange | ||
| Common Stock ($0.01 par value) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On September 13, 2021, the Board of Directors of Synopsys, Inc. (“Synopsys”) appointed Sassine Ghazi, currently Chief Operating Officer of Synopsys, as President and Chief Operating Officer of Synopsys, effective as of November 1, 2021.
Mr. Ghazi, age 51, joined Synopsys in March 1998 as an Application Engineer, and prior to his appointment as Chief Operating Officer, served as General Manager of the Design Group. Prior to joining Synopsys, Mr. Ghazi was a design engineer at Intel. Mr. Ghazi received his bachelor’s degree in Business Administration from Lebanese American University; a B.S.E.E from the Georgia Institute of Technology in 1993; and an M.S.E.E. from the University of Tennessee in 1995.
There are no arrangements or understandings between Mr. Ghazi and any other persons pursuant to which Mr. Ghazi was named an officer of Synopsys. Mr. Ghazi does not have any family relationship with any of Synopsys’ directors or executive officers or any persons nominated or chosen by Synopsys to be a director or executive officer. Mr. Ghazi has no direct or indirect material interest in any transaction or proposed transaction required to be reported under Section 404(a) of Regulation S-K or Item 5.02(d) of Form 8-K.
In connection with his prior appointment as Chief Operating Officer, Synopsys previously entered into its standard form of indemnification agreement with Mr. Ghazi, which requires Synopsys to indemnify him against certain liabilities that may arise as result of his status or service as an officer. The description of Mr. Ghazi’s indemnification agreement is qualified in its entirety by the full text of the form of indemnification agreement, which is attached to Synopsys’ Form 8-K filed on July 14, 2011 as Exhibit 99.2.
Chi-Foon Chan will transition from his role of President of Synopsys as of November 1, 2021, and will continue as co-Chief Executive Officer until April 30, 2022.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit Number |
Exhibit Title | |
| 99.1 |
||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| SYNOPSYS, INC. | ||||||||
| Dated: September 13, 2021 | By: | /S/ JOHN F. RUNKEL, JR. |
||||||
| John F. Runkel, Jr. | ||||||||
| General Counsel and Corporate Secretary | ||||||||
Exhibit 99.1
NEWS RELEASE
Editorial Contact:
Simone Souza
Synopsys, Inc.
650-584-6454
simone@synopsys.com
Investor Contact:
Lisa L. Ewbank
Synopsys, Inc.
650-584-1901
Synopsys-ir@synopsys.com
Synopsys Appoints Sassine Ghazi as President and Chief Operating Officer; Chi-Foon Chan to Transition from co-CEO Role
MOUNTAIN VIEW, Calif., September 13, 2021 – Synopsys, Inc. (Nasdaq: SNPS) today announced that as part of its ongoing evolution and scaling of the business, Sassine Ghazi has been appointed as president and chief operating officer, effective November 1, 2021. Chi-Foon Chan will transition from his co-CEO position over the first half of fiscal 2022, after which he will continue to support the company’s long-term success in a new role.
Since becoming COO in August of 2020, Ghazi has had a significant impact on the company, bolstering its EDA and IP strategy and portfolio, broadening customer collaborations, enhancing a strong management team, and providing exceptional corporate leadership.
“Throughout his 23 years at Synopsys in technical, sales, general management and corporate leadership positions, Sassine has always brought a ‘Yes, if…’ mindset, skill and perseverance toward making Synopsys a stronger and better company,” said Aart de Geus, chairman and co-CEO. “He is a motivating and impactful leader, and we look forward to extending his impact throughout the company as we build on our current momentum and further enhance our very strong position.”
Ghazi joined Synopsys in 1998 and brings multiple decades of experience in chip design, applications engineering, customer support, sales, and business management. Prior to becoming COO, he was general manager of Synopsys’ Design Group, where he accelerated the development of market-changing new products that are driving accelerating revenue growth for the company. Prior to Synopsys, he worked as a design engineer at Intel. He holds bachelor’s degrees in business administration and electrical engineering, and a Master of Science in electrical and computer engineering.
“I am both humbled and excited to take on the expanded role of president and COO of Synopsys,” said Sassine Ghazi. “The strategy we’ve implemented over the past several years has led to a portfolio of solutions that is stronger than it has ever been, at a critical moment when customer challenges are increasing substantially. I look forward to working with the team to continue to scale the company to $5 billion in revenue and beyond.”
Chan was appointed co-CEO in 2012, after serving as president and COO for 14 years. During his tenure, he has been a key driver of corporate strategy, strong customer and ecosystem relationships and excellent operational execution.
“Since his first day at Synopsys, Chi-Foon has had a profound impact on building and growing our company into what it is today. Be it instituting a culture of excellence and dedication to customer success, or incubating and growing TAM-expanding businesses such as IP and Software Integrity, or role-modeling values and dedication to our employees, Chi-Foon’s impact is visible in everything Synopsys stands for,” said Aart de Geus. “Personally, for more than three decades, Chi-Foon has been a close partner and confidant, culminating in the unique sharing of the co-CEO role. I look forward to working closely with Chi-Foon and Sassine as we strategize the next phase of Synopsys.”
“It’s been an honor to serve as president of Synopsys for the past 23 years,” said Chi-Foon Chan. “As we build on the considerable strength of today’s Synopsys and scale the company to its next phase of growth and value, I am confident in Sassine’s success in driving the company to even greater heights.”
About Synopsys
Synopsys, Inc. (Nasdaq: SNPS) is the Silicon to Software™ partner for innovative companies developing the electronic products and software applications we rely on every day. As an S&P 500 company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP and offers the industry’s broadest portfolio of application security testing tools and services. Whether you’re a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing more secure, high-quality code, Synopsys has the solutions needed to deliver innovative products. Learn more at www.synopsys.com.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements, including statements related to Synopsys’ business and financial objectives such as revenue growth, scaling of the business and management transition plans. Forward-looking statements are subject to both known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied. These risks and uncertainties include but are not limited to the risks set forth in the risk factors section of Synopsys’ most recently filed Quarterly Report on Form 10-Q. Synopsys assumes no obligation to update any forward-looking statement contained in this press release.
###