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Cisco Names New CFO

Cisco Systems , the San Jose, Calif., network equipment maker, has promoted Dennis Powell to CFO.

Powell, 55, joined the company in 1997. As senior vice president of corporate finance he handled financial planning and analysis, oversight of business unit and operational controllers and financial analysis of mergers and acquisitions.

He succeeds Larry Carter who will retire after eight years in the post. Carter will continue as an advisor to Cisco and retain his seat on the board of directors.

"Dennis has been ready to run the finance organization for some time," said John Chambers, Cisco's president and CEO. "He has contributed enormously to our strong financial and operational execution over the past six years and has helped build an exceptional team."

In his new post, Powell will oversee 1,400 people worldwide while managing the financial strategy and operations of a company with 34,000 employees in 58 countries and $18 billion in annual revenues.

"I look forward to building upon the solid foundation that already exists within the Cisco finance organization," Powell said.

Before Cisco, Powell spent 26 years at Coopers & Lybrand, where he began his career in accounting and was promoted to senior partner. He also serves on the FDIC Advisory Committee and is a member of the American Institute of Certified Public Accountants (AICPA) and Financial Executives International.