Cisco’s Executive Chairman Chambers not to seek re-election

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(Reuters) – Cisco Systems Inc (CSCO.O) said on Monday that Executive Chairman John Chambers would not seek re-election after his term expires in December.

Chambers, who lead the networking gear maker for two decades as its chief executive, became the executive chairman in July 2015.

Under his leadership, Cisco’s sales surged to about $48 billion from $1.2 billion in 1995.

Cisco’s CEO Chuck Robbins will become the chairman and Chambers, 68, will be given the honorary title of Chairman Emeritus at the company’s annual shareholder meeting in December.