Both of the promoted candidates will retain the responsibilities they had before the promotion, but as Executive Vice Presidents. Gary Moore is the company’s Chief Operating Officer, while Robert Lloyd is responsible for the company’s overseas sales. Lloyd will take on the added responsibility of the company’s engineering department.
John Chambers became the CEO of Cisco Systems, Inc. (NASDAQ:CSCO) in January 1995. In that time he has presided over a massive boom and crash in the firm’s stock during the dot com bubble, as well as a second crash in the financial crisis. In the last twelve months the firm’s stock has risen by more than 20%.
Cisco belongs to the old guard of technology companies, and some analysts have suggested that the openness of the succession plans at the firm are, in part, an attempt to appear to be a more modern and transparent firm. The company has faced increasing competition in recent years, from small and large firms alike.
Gary Moore joined Cisco Systems in 2001, after leaving Netigy Corporation, where he held the position of Chief Executive Officer, was acquired by Thrupoint Inc. The company has a strategic partnership with Cisco Systems, Inc. (NASDAQ:CSCO).
Before taking his place as Chief Operating Officer, Moore was in charge of Cisco’s Services division. His educational background includes a stint in the Army Security Agency, where he was trained in cryptographics and high speed telecommunications.
Robert Lloyd joined Cisco in 1994 as a general manager in the firm’s Canadian subsidiary. Since then he has worked his way up through the company, taking charge of the firm’s Worldwide Operations and Operations for Cisco’s Canada & Japan division. Lloyd holds a Bachelor of Commerce Degree from the University of Manitoba.
It is, as of yet, unclear when the company’s reigning CEO will retire from the position. Chambers has spoken publicly about the anointment of a successor, stressing the importance of Cisco Systems, Inc. (NASDAQ:CSCO), rather than the glory of any single executive.
Cisco certainly has a tough time ahead of it. Many older and more traditional technology companies are struggling in the current market, while relatively new players are soaking up the available revenues and profits.
In the coming decade, the world may see the death, or at least sidelining of many firms, once though central to the technology world. PC makers who have failed to innovate, including Dell Inc. (NASDAQ:DELL) and Hewlett-Packard Company (NASDAQ:HPQ), have seen their profits dry up.
Cisco is on the other side of the technological sector. The company provides the infrastructure and systems that allow consumers and enterprise segments to utilize the newest technologies. their business is not going away, and it hasn’t changed too drastically, but it is being squeezed.
These pressures have led to restructuring at Cisco Systems, Inc. (NASDAQ:CSCO). the company has laid off, or has plans to lay off 7,800 members of its work force. The modern technology market calls for a leaner more efficient tech company, as profits are being pushed to company’s selling to the consumer.
Cisco Systems, Inc. (NASDAQ:CSCO) is in a much better position than many of the technology companies of a similar age. The firm’s products are still in demand, and that is unlikely to change drastically in the short term
The firm’s new CEO, whichever of the contenders he may be, will be faced with the challenge of making that statement true for decades to come.