John Chambers, chief executive at networking giant Cisco, has been designated to succeed John Morgridge as chairman, effective at the company's annual shareholder meeting on November 15, 2006.
Chambers will retain his position as chief executive. Morgridge, who announced last year that he would not stand for re-election to the board this year, will become Chairman Emeritus.
Morgridge said: "The unanimous decision by the board of directors underscores our high level of confidence in John Chambers' leadership over his 15-year tenure at Cisco, and his ability to shape the future direction of the company. John's model for leadership evolution at Cisco has resulted in a world-class executive team with an unequaled industry track record and proven ability to achieve sustained profitable growth."
Chambers said: "I will be honored to serve Cisco's shareholders, customers, partners and employees as chief executive and Chairman," said Chambers. "This decision reflects as much on me as it does on the leadership team at Cisco and our board of directors. We're building a management team for the 21st century that emphasizes collaborative leadership built on teamwork that drives innovation and speed of execution-I couldn't be more proud of what Cisco has accomplished as a team."
Carol Bartz, lead independent director at Cisco, said: "Serving at the discretion of shareholders, Cisco's board of directors consists of individuals of significant character and credibility, selected for their acumen and ability to challenge and add value to management. Throughout his tenure as president and chief executive, John has served shareholders well, successfully navigating Cisco through both strong and challenging economic and industry climates. This experience, combined with Cisco's diverse, independent board continues the solid management and oversight of the company."
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