The executive in charge of Cisco Systems Inc.â€™s (NASDAQ: CSCO) routing and service provider business resigned from the company to pursue new professional opportunities, the firm said Thursday.
Along with Michaelangelo â€œMikeâ€ Volpi's departure, the company announced new executive appointments and is making some organizational changes, said Charlie Giancarlo, Cisco's chief development officer. He said the changes are meant to better coordinate software and equipment development, especially for networks run by major telecommunications companies.
Prudentialâ€™s Inder Singh wrote that Volpi was a key driver of Ciscoâ€™s growth and an architect of the companyâ€™s video strategy, in a research note released today. Cisco's CEO, Jon Chambers, had said that video is the killer application for the company in a recent earnings call with analysts.
During its history, Cisco has evolved through many executive changes, most recently the departure of its then chief development officer, Mario Mazzola, in 2005.
With Volpiâ€™s departure, we would not be surprised to see additional management changes among the senior-most leadership as the company prepares for its next phase of evolution, he wrote.
The departure opens the way for the Chief Development Officer Charles Giancarlo eventually to head the network equipment maker, Singh also said.
It's hard to find anyone as well rounded, the analyst said of Giancarlo.
Shares of Cisco rose 14 cents, or 0.50 percent, to $28.23 in late afternoon trading on the Nasdaq Stock Market.