Cisco's Chambers Term As Chairman Ends Monday, Board Expected To Pass Torch To CEO Robbins
Monday marks the end of the John Chambers era at networking giant Cisco Systems, when the former CEO's term as chairman of the San Jose, Calif., company's board of directors will end officially.
The board is expected to appoint CEO Chuck Robbins to the chairman's position during the company's annual shareholder meeting scheduled for Monday afternoon.
Chambers joined Cisco in 1991 as head of sales, and was CEO from 1995 to July 2015. He's been a member of the board of directors since 1993. As CEO, Chambers grew the company from $1.2 billion in revenue to $47 billion. He's expected to be given the honorary title of chairman emeritus.
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Chambers announced the decision to step aside in a letter to the company's board of directors last September. "It is time for Cisco to move on to its next generation of leadership, including at the board and chairman level," he wrote. "I cannot be prouder of what we built: from the culture, to the customer trust, to the country digitization, to the product leadership, I could go on and on. But it is the right time for a change to occur for me and the company."
Robbins at the time praised Chambers for his "brilliant mind, compassion and charismatic leadership."
Cisco's annual shareholder meeting is scheduled to be held Monday at 1 p.m. EST.