Private equity firm Warburg Pincus said on Monday it had hired Charles Carmel, Cisco Systems Inc's (CSCO.O) top dealmaker, who led the tech giant's acquisitions of WebEx and Scientific Atlanta. Cisco named Hilton Romanski as head of its corporate business development team, replacing Carmel. Carmel's departure comes at a time when Cisco's growth has slowed. Cisco has announced plans to cut 15 percent of its staff and exit weak business as it struggles to deal with increased competition and a weak economy. Carmel, who was vice president of corporate development at Cisco, joins Warburg Pincus' San Francisco office as a managing director.
Cisco Systems, Inc. designs, manufactures, and sells Internet protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. Shares of CSCO fell by 0.6% or $-0.09/share to $14.99. In the past year, the shares have traded as low as $13.30 and as high as $24.60. On average, 75058096 shares of CSCO exchange hands on a given day and today's volume is recorded at 61356548.
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