May 4, 2015 12:38 PM
Cisco CEO Chambers to step down, Robbins named successor
The Associated Press
SAN JOSE, Calif. (AP) John Chambers plans to step down after more than 20 years as the CEO of Cisco Systems Inc.
The computer networking company named Chuck Robbins as Chambers' successor. He will take over the post on July 26.
Chambers, who has served as CEO since January 1995, will continue to serve as board chairman. Cisco said that he has grown the business from $1.2 billion in annual revenue when he took on the CEO role to $48 billion in revenue in 2014.
Chambers has also served as vice chairman of President George W. Bush's National Infrastructure Advisory Council as well as on Bush's Transition Team and Education Committee. In addition, he served on President Bill Clinton's Trade Policy Committee.
Robbins has worked at Cisco for 17 years. He most recently served as Cisco's senior vice president of worldwide operations.
The San Jose, California-based company's stock rose 16 cents to $29.29 in midday trading Monday. Cisco Systems shares are up more than 27 percent over the past year.