The former CEO and now executive chairman of Cisco John Chambers won’t stand for re-election to the board when his term expires in December.
The Executive Chairman John Chambers has notified the Cisco Board of Directors that he will not stand for re-election to the board of directors in December. The Board plans to appoint Cisco CEO Chuck Robbins to serve as chairman when Chambers’ term expires at the annual meeting of shareholders on December 11, 2017.
Chambers served as CEO of Cisco from January 1995 to July 26, 2015, having joined the company in 1991 as the head of sales. During his 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. “John’s leadership helped bring the internet to billions of people around the world, enabling them to access information, build connections and improve their lives. At the right time, he initiated and brought to fruition a CEO succession process that resulted in the right person, Chuck Robbins, leading the company into the future. We owe John a debt of great gratitude for his extraordinary service to Cisco.”
Cisco is the worldwide technology leader that has been making the Internet work since 1984. They manufactures and sells networking hardware, telecommunications equipment and other high-technology services and products.