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SUNNYVALE, Calif. - Synopsys, Inc. (NASDAQ:SNPS) announced Wednesday that Mike Ellow will join the company as Chief Revenue Officer effective Thursday, November 20. Ellow will lead the company’s Go-To-Market organization and report directly to President and CEO Sassine Ghazi. The appointment comes at a challenging time for the $71 billion market cap software giant, with shares down over 28% in the past year according to InvestingPro data.
Ellow comes to Synopsys from Siemens EDA, Siemens Digital Industries Software, where he served as Chief Executive Officer. His career spans more than 30 years in executive leadership positions, including roles at Cadence Design Systems and Berkeley Design Automation.
"Mike brings a wealth of experience in the systems-to-silicon design industry with a relentless focus on customer success and operational excellence," said Ghazi in a statement released by the company.
In his new role, Ellow will be responsible for shaping and scaling the company’s sales operations. The incoming executive expressed enthusiasm about joining Synopsys, noting the company’s evolution "from a leader in EDA to a leader in engineering solutions."
Ellow holds a Bachelor of Science in Electrical Engineering from Lehigh University, a Master of Science in Electrical Engineering from the University of Southern California, and an MBA from California State University, Fullerton.
Synopsys, based in Sunnyvale, California, provides engineering solutions for silicon design, IP, simulation and analysis. The appointment comes as the company continues to expand its position in the semiconductor design software market. Despite recent stock weakness, InvestingPro data shows Synopsys maintains impressive 81% gross profit margins and is expected to report its next quarterly earnings on December 10. The company remains a prominent player in the software industry, though current valuations suggest the stock is slightly overvalued based on InvestingPro’s Fair Value assessment.
In other recent news, Synopsys has reaffirmed its financial targets for the fourth quarter and full fiscal year 2025, with plans to discuss these results in an upcoming earnings call. The company has announced a restructuring plan that will result in a 10% reduction of its workforce by the end of fiscal year 2025, following its acquisition of Ansys. This restructuring is expected to incur pre-tax charges between $300 million and $350 million. Additionally, Synopsys has received final regulatory approval for the divestiture of its Optical Solutions Group and PowerArtist businesses to Keysight Technologies, a condition linked to its acquisition of Ansys. Synopsys has also unveiled a new manufacturing optimization framework developed with Microsoft and NVIDIA, aiming to significantly reduce simulation workloads. The company is actively searching for a new chief revenue officer following the departure of Rick Mahoney. At the NVIDIA GTC event in Washington, Synopsys showcased advancements in semiconductor design and physics simulation technologies, enhanced by its recent integration with Ansys. These developments highlight Synopsys’ ongoing strategic adjustments and technological advancements.
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