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Moving on up…

When Michael Fister moved from Intel (INTC) to Cadence Design Systems (CDN) last May, it’s unlikely that he had to hire a moving crew, given how close the two companies are located to one another. Yet in the employment agreement he entered into last year, Fister got Cadence to give him a $5,000 a month housing allowance. But apparently the $5K is not enough for Fister to live comfortably. In an 8-K filed yesterday, Cadence said it was upping Fister’s monthly allowance to $17,000. Under the agreement, Cadence will continue to pay for Fister’s pad for the next two years. In 2004, Fister took home over $2 million in salary and bonus, so it seems a bit odd that he needs the corporate equivalent of Section 8 to meet his monthly housing expenses.