Cisco Chairman Chambers to Step Down, Ending an Era
September 18 2017 - 10:59AM
Dow Jones News
By Cara Lombardo
Cisco Systems Inc. Executive Chairman John Chambers, who oversaw
the company for more than 20 years, won't stand for re-election
later this year, the technology company said Monday.
Mr. Chambers, who has been executive chairman for two years and
chairman since 2006, notified board members of his decision in an
email last Wednesday.
"It is time for Cisco to move on to its next generation of
leadership," he said in the letter. "It is also time for me to move
on to the next chapter of my life, on both a personal and business
level."
Cisco plans to appoint Chief Executive Chuck Robbins, 51 years
old to fill the role.
Mr. Chambers, 68, was Cisco's CEO for more than 20 years ending
in 2015, when Mr. Robbins took over. Neither Mr. Chambers nor Cisco
shared details about his next plans.
The Wall Street Journal reported last month that people close to
Mr. Chambers said he had been shaken by Cisco losing sales to
Arista Networks Inc., a startup founded by a former star executive
who was also his close friend.
Mr. Chambers, a pioneer in the networking field, has been
deepening his involvement in emerging technology such as drones.
Earlier this year he co-led a $15 million funding round in drone
security startup Dedrone Inc. He also invested last year in
enterprise drone services startup Airware and joined its board.
Mr. Chambers' term as chairman will expire at Cisco's annual
shareholder meeting on Dec. 11. The company's board is also
expected to reduce its size from 12 to 11 members, 10 of whom will
be independent directors.
Cisco shares, which have gained 7.6% this year, were up less
than 1% in early trading.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
September 18, 2017 10:44 ET (14:44 GMT)
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