Cisco 2007 Annual Report Download - page 12

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One Final Note
Over the past ve years, our management team has evolved and so has our business leadership. One
of the core competencies of Cisco is our ability to evolve our organization and leadership teams while
still maintaining focus on implementation of our strategy. Over the years, Cisco has successfully transi-
tioned through many generations of key leaders in every functional leadership role in the company.
Dennis Powell became our Chief Financial Ofcer in 2003 and went on to lead the company with
an unwavering sense of integrity and duciary responsibility through some of the most challenging
economic times our industry has experienced. Under Dennis’ nancial and operational leadership,
we achieved extraordinary growth in net income, cash from operations, market capitalization, and
market share gains versus our peers.
Following the second quarter of scal 2008, Dennis will retire from his role as Chief Financial Ofcer.
We thank him for his leadership and contributions to Cisco, especially his commitment to transparency
and integrity in nancial reporting. Frank Calderoni, Senior Vice President of Customer Solutions
Finance, has been asked to succeed Dennis upon his retirement as Chief Financial Ofcer. Frank’s
experience directing global sales nance at Cisco is complemented by his prior background as
CFO at two public companies within the technology industry.
Our accomplishments and successes are built upon foundational relationships with our customers, our
worldwide partners, and our entire Cisco family. We wish to thank our customers, partners, employees,
and shareholders for their ongoing trust, condence, and support as we become positioned to execute
on the next wave of the Internet. Working together, we believe Cisco technology will change the nature
of work and the way we live. We hope you will join us.
John T. Chambers
Chairman and CEO, Cisco
September 2007
2007 Annual Report 15