Cisco's John Chamber To Relinquish CEO Role In July

Cisco Systems Inc. said on Monday that John Chambers will relinquish his role of chief executive officer after 20 years in the position, effective July 26. He will remain on the board, and will assume the role of executive chairman. The networking giant will appoint 17-year company veteran Chuck Robbins as the new CEO on July 26. He was most recently senior vice president of worldwide operations. Cisco's stock, a component of the Dow Jones Industrial Average, slipped 0.3% in premarket trade. The stock has climbed 4.7% year to date through Friday, while the Dow has gained 1.1%.