Cisco Appoints COO to Improve Efficiency
Feb 22 (Reuters) - Network equipment maker Cisco Systems Inc (NASDAQ:CSCO) created a new executive role aimed at improving operations, after disappointing investors with weak forecasts and declining margins in recent quarters.
Cisco named Executive Vice President Gary Moore, who previously ran its services business, as Chief Operating Officer. Moore will now be responsible for making sure the company's various segments such as engineering, marketing, and services, run efficiently, it said on Tuesday.
Earlier this month, Cisco reported a weaker-than-expected outlook and a decline in gross margin to 62.4 percent from the previous quarter's 64.3 percent.
Cisco has expanded beyond its traditional routing and switching business in the last several years in an effort to keep up revenue growth. But some analysts say it may have spread itself too thinly, making it more vulnerable to competition and pricing pressure. (Reporting by Ritsuko Ando; editing by Gunna Dickson)