Cisco Systems, Inc. CSCO announced today that Chuck Robbins will become its next CEO, effective July 26. Robbins will replace current CEO John Chambers, who will assume the role of executive chairman, according to the release.
Chambers became Cisco's CEO in January 1995 at the age of 46. During that time, shares of the stock have climbed nearly 1400 percent. More recently, shares have significantly underperformed. In the past five years, the NASDAQ 100 gained more than 100 percent, while Cisco added just 8 percent.
Robbins joined Cisco in 1997. Most recently, he served as the senior vice president of worldwide operations, leading the company's global sales and partner teams. Cisco said that Robbins was a "key architect" of the company's commercial business strategy, which represents a quarter of Cisco's total business.
At present, Cisco shares are muted in premarket trading, down 0.4 percent to $29.02. The company is trading just $1 below its 52-week high, which it hit in early March. Year to date, the stock has gained 4.7 percent.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
