Cisco names Chambers next chairman, ups buyback

NEW YORK, June 8 (Reuters) Cisco Systems Inc. on Thursday said its board has approved a management succession plan that designates John T. Chambers as future chairman of the company in addition to his role as chief executive.

Chambers will succeed current chairman John P. Morgridge at the company's annual shareholder meeting on Nov. 15. Morgridge will become chairman emeritus.

Cisco's board also authorized up to billion in additional share repurchases, raising its total buyback from a previous billion. There is no fixed timetable for the buyback program.

REUTERS VJ PM1911