The decision to move on and embark on my new chapter has not been an easy one. I joined Cisco in 2001 because I saw the opportunity to change the world for the better with our technology. My 14 years here have been immensely rewarding because of the friendships I've made with so many of you. The last four and a half years, first as COO and then President, have been the most challenging and exciting professional experience any one could hope for in their career.

Looking back at my career here, I am extremely proud of many things. When I joined, John asked me to build a world class services organization that would be best in class in terms of margins, value add to our customers and supportive of our important and vast partner ecosystem. The Services organization I joined to build has grown from$3 billion to nearly$10 billion in annual revenue in 12 years, with among the strongest margins in the industry, and is a key contributor to Cisco's growth and profitability. Importantly, our partner delivered services represents many billions of dollars beyond that. Culturally, Services has always led with a mindset of customer first and has led the company as we have moved to focus on our customers' business outcomes.

When I became Cisco's first COO in early 2011, the challenge was to institute a level of discipline and rigor and lead the company through its transformation. Working with teams across the entire company, we assessed what needed to change to drive growth and profitability. Focused execution, a new accountability model, efficiency improvements, and new leadership behaviors were among the positive changes I worked hard to instill. In those four years, with the support and efforts from all of you, we increased the stock price by 70%, returned to growth, and re-engaged our employees. I am confident Cisco is in a very strong position to meet the changing market dynamics. Our Services business will continue to combine innovation and customer-centricity to lead the company and the industry. Our deep and experienced leadership team will continue to run the business for growth and profitability, with operational discipline. And most of all, the incredible employees at Cisco will continue to make amazing things happen. I wish Chuck and the next generation leadership team all the best and look forward to celebrating their success for many years to come

To the Cisco employees: I hope that you commit to living our values and believe in winning together. Every day each of us contributes to our shared success. It has been a privilege to be your leader. I am proud of what we've achieved together. Cisco's future is very bright and with Chuck's leadership, you will seize the opportunities ahead.