Cisco President & CEO to Become Chairman of the Board; Executive Vice President to Become Chairman & CEO
SAN JOSE, Calif., November 15, 1994 -- Cisco Systems today announced atits annual shareholders meeting that John P. Morgridge, president and CEO,will become the company's chairman of the board. John Chambers, executivevice president of Cisco, will become president and CEO. Both moves will beeffective at the end of January 1995.
John Morgridge joined Cisco in 1988 as president and CEO. During hissix years of leadership, Morgridge has grown the company from $5 million toover $1.2 billion in annual sales and built Cisco into the global industryleader in internetworking. Cisco became a publicly held company in February1990 and has reported nineteen consecutive quarters of revenue and earningsgrowth.
In his new position, Morgridge will continue to play a key role inCisco and the future of internetworking by focusing his attention oneducation, customers, and government, while also serving as a key companyspokesperson.
John Chambers joined Cisco in January 1991 after spending eight yearsat Wang Laboratories and six years with IBM. As executive vice president,he is responsible for research and development, manufacturing, worldwidesales, marketing, and support. As president and CEO he will add finance andadministration to his responsibilities.
"John Chambers was brought into Cisco with the expectation that hewould eventually run the company," said Morgridge. "Over the past fouryears his responsibilities have been steadily increased and during the lasteighteen months John has been pivotal in the execution of the Cisco'sdecentralization plan and acquisition strategy, key components for thecompany's overall long-term growth.
"John has consistently shown his keen business sense and leadershipability," added Morgridge. "He has demonstrated that he will be veryeffective in continuing to take Cisco to the next stage in it'sdevelopment."
Under the new structure, Donald T. Valentine, Cisco's current chairmanof the board, will become vice chairman. Valentine has been a member of theboard since 1987 when Sequoia Capital became the sole venture investor inCisco Systems. Valentine was elected chairman of the board in 1988.
CiscoSystems, Inc., headquartered in San Jose, Calif., is the leadingglobal supplier of internetworkingproducts, including routers, bridges,workgroup systems, ATM switches, dial-up access servers, software routersand router management software. These products are used to buildenterprise-wide internetworks linking an unlimited number of geographicallydispersed LANs, WANs and IBM SNA networks. In the U.S., Cisco is tradedover the counter under the NASDAQ symbol CSCO.
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