appointed executive vice president and chief financial officer, effective Feb. 15, 2008. Calderoni will succeed Dennis Powell, 60, who will retire after serving over 11 years with Cisco. Calderoni, 50, will report to Cisco Chairman and Chief Executive Officer, John Chambers.

"Dennis Powell has been a true partner, a great friend and a world class financial leader whose time at Cisco serves as an example of financial transparency and operational excellence," said Chambers. "Frank was a natural choice as Dennis' successor after serving as senior vice president of Customer Solutions Finance at Cisco and as Chief Financial Officer at two public companies. His proven leadership ability, combined with extensive management and financial experience, will be instrumental as we drive toward Cisco's long-term, global strategic initiatives."

"I'm honored to expand my position on Cisco's executive team as chief financial officer for a world-class organization," said Calderoni. "As CFO, I will continue Cisco's commitment to maximizing value for our shareholders with the unparalleled financial integrity Cisco is known for."

As Cisco CFO, Calderoni will oversee a global finance organization while managing the financial strategy and operations of a company with more than 64,000 employees and total revenue for fiscal 2007 of $34.9 billion. In his previous role, Calderoni was responsible for leading a finance team that supported sales and service organizations, while partnering with the executive vice president of Worldwide Operations and Business Development, the executive vice president of Customer Advocacy and the chief marketing officer to support and drive the sales, services and marketing and reporting cycle at Cisco. Calderoni also led the creation of the sales and services model from which organization, staffing, compensation plans, targets, territory definition and sales goals are derived.

Calderoni joined Cisco in May 2004 after serving as CFO at both QLogic and San Disk and was promoted to his current position as senior vice president, Customer Solutions Finance, in June 2007.