As most Americans prepare to pick one man for their president, Cisco Systems Inc. (Nasdaq: CSCO) has gone and picked two.
Rob Lloyd and Gary Moore both got promoted Thursday, adding "president" to their titles.
Lloyd, who's been head of Cisco's sales force, is now president of development and sales. Executives reporting to him include Chuck Robbins, who's taking Lloyd's old job; Pankaj Patekl, who remains chief development officer; and Wim Elfrink, who remains chief globalization officer.
Moore remains chief operating officer as well as president. He's been in charge of the restructuring Cisco initiated in 2011.
Why this matters
Cisco's chain of succession is suddenly a big topic, with CEO John Chambers having indicated he's starting to think about retirement.
Chambers recently explained he has a list of 10 possible successors that gets reviewed quarterly by the board of directors.
Lloyd and Moore, already at or near the top of that list, would seem to be his top two internal choices.
Both are part of Chambers's inner circle. It's not a surprise that they'd be promoted -- Chambers did tell Bloomberg in September he expects to spread responsibilities around at Cisco. But their new positions open the question of whether the board would look for a CEO to essentially continue Chambers's philosophies.
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— Craig Matsumoto, Managing Editor, Light Reading
