6/8/2006 -- Cisco Systems announced Thursday CEO John T. Chambers will become chairman of the company, Nov. 15, succeeding current Chairman John P. Morgridge.

Chambers will retain his position as CEO, and Morgridge will become chairman emeritus.

"Today's 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," said Morgridge. "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."

Morgridge joined Cisco in 1988 as president and CEO and has worked at the networking equipment manufacturer for 18 years. He oversaw the company’s initial public offering in 1990 and grew the company from $5 million to $1.2 billion in annual sales. He became chairman in 1995 when Chambers took over as CEO in 1995.

Since then, Cisco’s annual revenues have risen to $24.8 billion in fiscal 2005, and its market value has gone from $10.4 billion to $121 billion.

"I will be honored to serve Cisco's shareholders, customers, partners and employees as CEO 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...I couldn't be more proud of what Cisco has accomplished as a team."

Chambers joined Cisco in 1991 as senior vice president of global sales and operations. Prior to this, he worked at Wang Laboratories for eight years and at IBM for six years. -Dan Hong