Cisco Names Chuck Robbins as CEO; John Chambers to Become Executive Chairman

Cisco (CSCO) announced new leadership changes at the top. Chuck Robbins has been named CEO of Cisco effective July 26. John Chambers, the company's current CEO, will take on a new position as Executive Chairman and maintain his title as Chairman of the Board. Robbins isn't new to Cisco, having joined the company in 1998 and previously served as SVP of Worldwide Operations, in charge of Cisco's sales and partners team, a $47 billion business. Shares of Cisco are up 5.1% since the start of the year and are trading slightly higher after news of Robbins' appointment. TheStreet's Scott Gamm reports from New York.