Cisco System Inc., one of the largest tech companies on the market chose to change its CEO, Mr. John Chambers. After an admirable career in Cisco Systems, Mr. Chambers is set to leave his chair on July 26, 2015 to his colleague, Chuck Robbins.
John Chambers has quite a list of accomplishments to boast with as he steps down and Cisco shareholders should be grateful for them. Between 1995 when he took the CEO position and 2015, John Chambers contributed to a raise in shares from 2 dollars to 29.13 dollars, thus raising the annual sales of the company from 1.2 billion dollars annualy to 48 billion dollars. With these records, Cisco System became the fifth largest tech company in Silicon Valley.
Nonetheless, the new vetted CEO, Chuck Robbins partook in the company’s history making alongside his colleague. Arriving only two years after, in 1997, Robbins was focusing on working with the partners and customers of Cisco System. He built his way up to Vicepresident of worldwide operations and boosted the global sales operations of the company.
The change taking place seems to fall in line with the trend in the Sillicon Valley, where most CEO’s have made place to a vanguard of CEOs in their 30’s or 40’s. At the same time, it is viewed as an organic development as Mr. Chambers might be stepping down from the CEO position but he will remain a Cisco System board member and chairman. The new announcement did not shake the stocks in any way, which is a good sign of acceptance of Chuck Robbins who was officialy chosen after a 16-month deliberation, with the board members casting the decisive vote on Friday.
“Chuck embodies all the characteristics and traits we had outlined initially for the ideal Cisco CEO,” the board members wrote. “Taken together, his authentic leadership, cultural fit, technical acumen, and vision for Cisco, set Chuck apart from the balance of the candidates, both externally and internally.”
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