 "Cisco appoints Chuck Robbins as executive chairman, Chambers departs")
Global IT and networking major Cisco has announced that its CEO Chuck Robbins will be appointed as the Executive Chairman of the company in the annual meeting of shareholders on December 11.
The announcement came after John Chambers, the present Executive Chairman, notified the Board of Directors that he will not stand for re-election.
"John's influence on the industry is immense and he built Cisco around a culture of integrity and innovation that will continue to serve our employees, partners and customers for decades to come," said Robbins, CEO, Cisco, in a statement late on Monday.
Robbins had joined Cisco in 1997 and assumed the role of the company's CEO on July 26, 2015.
Chambers, who was named Executive Chairman on the same day, will be given the honorary title of Chairman Emeritus.
"Thanks @JohnTChambers for all you have done for @Cisco - you will always be a part of our family!," Robbins tweeted on Tuesday.
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The Cisco Board is expected to reduce the size of the Board to 11 members, 10 of whom will be independent directors at the annual meeting.
During Chamber's time as CEO, he built the company from $1.2 billion in annual revenue to nearly $50 billion.
"John's tremendous vision, energy and passion helped Cisco become the great company it is today," said Carol Bartz, lead independent director, Cisco Board of Directors.