Cisco Systems has announced that John Chambers will become chairman of the company in tandem with his role as chief executive.
Chambers will succeed current chairman John Morgridge at the firm's annual shareholder meeting on 15 November. Morgridge is to become chairman emeritus.
The Cisco board also authorised up to $5bn in additional share repurchases, raising its total buyback to $35bn. There is no fixed timetable for the buyback programme.
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