Company veteran Chuck Robbins, 49, will take over as CEO. The 65-year-old Chambers, one of the longest-serving leaders of a Silicon Valley company and also company chairman, will become executive chairman, the company said on Monday. Wall Street analysts said a change was expected and could signal a refocusing of Cisco, which acquired dozens of companies under Chambers but has failed to make great headway outside its core networking business. Shares of Cisco, based in San Jose, California with about 70,000 staff, were up 0.4 percent at $29.24 on Nasdaq.