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Polycom on Monday said CEO Robert Hagerty has resigned and has been replaced by Andrew Miller, the former CEO of one of its biggest rivals.
The move comes as Polycom finds itself facing a formidable videoconferencing foe in the form of Cisco Systems, which has been steadily increasing its grip on the market.
Miller, who joined Polycom in July 2009 as its executive vice president of global field operations, is a former CEO of Polycom archrival Tandberg and will fill the CEO role effective immediately.
"As the leading independent company in the fast-growing unified collaboration space, I believe Polycom is uniquely positioned to capture this significant market opportunity," said Miller in a statement. "Polycom has unbelievable employee talent at all levels of the organization, an amazing customer base and a strong array of strategic and channel partnerships."
Miller was CEO of Tandberg from 2002 to 2006, and before that spent more than 11 years at Cisco. Cisco acquired Tandberg for $3.4 billion earlier this year and now poses the biggest threat to Polycom in the videoconferencing space.
Hagerty, a 13-year Polycom veteran, has stepped down and is also resigning from Polycom's board of directors, according to a statement from Polycom. Polycom confirmed Hagerty will be staying on as an advisor to Miller and the board during the transition phase.
"Andy is the perfect successor to lead Polycom through its next phase of growth. I am truly proud of what we have achieved this far, and I believe Polycom has a tremendous opportunity in the exciting collaboration market," Hagerty said in a statement.
In a follow-up comment e-mailed to CRN, Miller said that Polycom's "next phase of growth" will come from building on the foundation Hagerty has laid.
"Bob and the Polycom Board agreed that now was the right time for me to take the reins as CEO to continue to build the momentum we have already achieved," Miller said.
David DeWalt, president and CEO of security firm McAfee and Polycom's lead independent director, has assumed the role of chairman of the board. Miller is expected to be appointed to the board after Polycom's Annual Stockholders Meeting later this year.
"Andy's industry track record, proven leadership and customer skills make him the ideal CEO to take Polycom to the next level," DeWalt said in a statement. "I also want to thank Bob Hagerty for growing Polycom for $37 million to $1.1 billion over his 13 year tenure and for recruiting Andy to the company, enabling this seamless succession."
