NEW YORK (TheStreet) -- Shares of Cisco Systems (CSCO) fell 0.76% to $24.97 in morning trading Monday after the networking company announced Marc Benioff, chairman and CEO of Salesforce.com (CRM) , would step down from Cisco's board of directors in November.
Cisco said Benioff notified the company's board last Monday that he had decided not to pursue re-election to the board at Cisco's annual meeting on November 20, according to an SEC filing.
Benioff joined Cisco's board in August 2012. He told the Wall Street Journal on Friday that he primarily wanted to help Cisco develop a strategy for selling its software. He said he felt he had accomplished that mission and wanted to focus on his work at Salesforce.com.
Cisco CEO John Chambers thanked Benioff in a statement, "especially as his own company is currently enjoying hyper growth and the demands on him are enormous."
Separately, TheStreet Ratings team rates CISCO SYSTEMS INC as a "buy" with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate CISCO SYSTEMS INC (CSCO) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, growth in earnings per share and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."