Cisco's No. 2 Executive Jumps Ship

Updated from Thursday

Another executive calls it quits at Cisco (CSCO Quote - Cramer on CSCO - Stock Picks).

The networking gearmaker says its No. 2 executive, chief development officer Charlie Giancarlo, has resigned to pursue "new professional opportunities."

Giancarlo will take a position at private equity shop Silver Lake. This is the same buyout firm that Motorola's (MOT Quote - Cramer on MOT - Stock Picks) former CEO Ed Zander came from after leaving the No.2 spot at Sun Microsystems (JAVA Quote - Cramer on JAVA - Stock Picks).

Cisco characterized the latest shake-up as an evolution in management styles. CEO John Chambers will now oversee a newly formed so-called development council. Perhaps inspired by Star Wars' Jedi council, the company has chosen seven technology leaders to "collectively drive Cisco's development efforts and initiatives in technology development that are key to Cisco's growth strategy," according to a press release.

Always reaching for innovation, Chambers says the new management structure will "transition from a company that is driven from command and control to one that is built on teamwork and collaboration."

As for Giancarlo, Chambers offered some deeply heartfelt words.

"Charlie has been a close colleague and a good friend during the 14 years he has been at Cisco, and he has made many significant contributions to the company during that time," Chambers said in a press release.

Earlier this year, another heir apparent to Chambers' job, Michelangelo Volpi, resigned abruptly. That move propelled Giancarlo to the No. 2 slot behind Chambers.

Cisco shares were up a quarter to $28.53 in pre-market trading Friday.