John Chambers to exit Cisco’s board after 24 years
The board plans to appoint Cisco CE Chuck Robbins to the post
New York — Cisco Systems executive chairman John Chambers will not stand for re-election in December, the networking company says, ending a 24-year run on the board. The board plans to appoint Cisco CE Chuck Robbins to the post. Chambers, 68, served as CEO of the company, which is the biggest maker of equipment that forms the backbone of the internet, from 1995 until 2015. He has been a board member since November 1993. During his time in the role, he took Cisco from $1.2bn in annual revenue to nearly $50bn, the company said in a statement Monday. Robbins assumed the CEO role in July 2015. At its annual meeting, the Cisco board is expected to reduce its size to eleven members, ten of whom will be independent directors, Cisco said. The stock, which was unchanged in premarket trade in New York, has gained 7.4% year to date, while the Nasdaq has rallied 23% and the Dow Jones Industrial Average has climbed 13%, data show. Bloomberg
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