Ex-Cisco President Lloyd Gets Way Cooler Job
Rob Lloyd, passed over as Cisco president in the spring, is moving on to a job heading up a company that isn't as big or influential as Cisco -- at least not yet -- but that might be way cooler.
Lloyd was named as CEO of Hyperloop Technologies, a company that wants to build a high-speed transport system based on tubes, inside which capsules move in partial vacuum at a top speed of 760 miles per hour. The tubes would link cities under 1,000 miles apart with high traffic between them. For example, a San Francisco/Los Angeles trip would take a half-hour by hyperloop,
Tesla and SpaceX founder (and James Bond supervillain) Elon Musk proposed the idea for the hyperloop in 2013. Hyperloop Technologies is one of several companies pursuing implementing the technology, none of which are affiliated with SpaceX or Musk.
Lloyd will create global partnerships as Hyperloop prepares to have a test track operational late next year or early 2017, for products that will be commercially viable by 2020.
Hyperloop raised $10 million in Series A financing from investors including Formation 8, Sherpa Ventures, Zhen Capital, Caspian VC, David O. Sacks, and more. The company is now raising an $80 million Series B round.
Lloyd replaces co-founder Brogan BamBrogan as CEO; BamBrogan becomes CTO.
Lloyd quit Cisco Systems Inc. (Nasdaq: CSCO) in June after 21 years there after Charles Robbins was named CEO, replacing longtime CEO and chairman John Chambers. Prior to Robbins being tapped, Lloyd was looking like Chambers's successor, frequently appearing at Chambers's side in public appearances. At Cisco, Lloyd was president of sales and development and also led the company's Internet of Everything team, connecting manufacturing, smart cities, retail and other sectors in Cisco's Internet of Things strategy (See 2 Cisco Presidents Quit.)