Cisco is ending its CIO position, saying its Chief Information Officer and Chief Financial Officer will retire in 2022.
CIO Jim Lee will retire this year, the company announced on Monday.
Cisco is the second-largest IT company in the world and has a total market cap of $3.2 trillion.
Cisco CIO, or the Chief Information Officers, will become its 62nd CIO and the last CIO to take on that title, according to the company.
The company announced the announcement at the company’s annual shareholder meeting on Monday afternoon.
In the wake of the global financial crisis, Cisco’s financials suffered, which led to a number of senior executive departures.
The loss of a senior executive position has a ripple effect across the company, with CIOs stepping down from leadership roles at all levels of the company in recent years.
The company said CIO John R. Doss will remain as the company CEO until the end of 2022.
The CIO who takes over from Doss on a full-time basis will become CEO in the interim.
The executive will lead Cisco into the next phase of its transformation.CEO Jim Lee said in a statement that he will remain the CEO for the long term and will provide the company with leadership and innovation, which will allow us to reach the next stage of growth and opportunity.CIOs take on roles as they take on the responsibilities of CIO.
The job entails building a company’s operations, helping its employees build and improve their business, and managing a large organization, according the company website.
Cio Lee was Cisco’s Chief Information Architect from 2002 to 2006, and the company has seen CIO positions go from a position of strength in 2006 to a position where they are now a strength.
Cisco has seen the CIO role grow in importance in recent times.
Ciewer Doss, who had been CIO for four years before taking the reins, has been Cisco’s chief financial officer since 2014, and has been COO since 2015.
Cio Lee said Doss would step down from CIO duties “in the coming months,” and CIO Doss is the new CIO in the Cisco universe.
Lee said he will work with the COO and other senior executives to continue to improve Cisco’s culture and to work on “transformative leadership, technology, and operations.”