Cisco CEO Chambers steps down 

Serving in his role since 1995, the outgoing executive, 65, will remain with the company as its executive chairman. During Chambers’ tenure, which included the great dot-com boom of 2000, the company’s total market value exceeded $600 billion, according to a Yahoo! News report. For a spell, this put Cisco in front of Microsoft and other technology giants.

But since then, Cisco’s value dipped to $150 billion, with year-end sales for 2015 expected to be $49 billion. Several experts indicate that the decrease in sales signalled a possible change within the organization.

Replacing Chambers as CEO is Chuck Robbins. The 49-year-old has been with Cisco since 1997, and most recently served as Cisco’s vice president of worldwide operations.

Robbins has yet to develop a clear focus or business strategy for leading the company, but noted that he plans to listen before making any major moves.

“Over the next 90 days, I (would) actually like to listen,” Robbins said during a conference call. “The market is moving too rapidly for any one individual to think they have all the answers.”

Chambers himself provided an endorsement for Robbins, stating that Robbins “is an execution machine.”

Despite the timing of Chambers’ departure, Cisco stated that the announcement was not directly related to its quarterly earnings report, slated to be released on May 13. Additionally, it is not affected to affect the company’s financial outlook.