FORTUNE -- Cisco Systems (CSCO) today announced that Ned Hooper is stepping down as chief strategy officer.
He had been credited with driving Cisco's large-scale M&A activity, including multi-billion dollar deals like Tandberg ($3b), Starent Networks ($2.9b) and WebEx ($3.2b). Hooper also oversaw the company's $2 billion investment portfolio, and now is expected to launch an independent investment platform of his own. From the Cisco announcement:
Ned Hooper will be leaving the immediate Cisco family to form an independent investment partnership company and to pursue his goal to be a principal investor. Ned has been working on his plan with us over a number of months, and we look forward to partnering with him in his new endeavor. Ned has a unique passion and skill for investment and strategy, and will focus on this in the next phase of his career.
It is not yet clear what the relationship between Cisco and Hooper's new firm will be. A company source tells me that Hooper is not expected to take any current Cisco employees with him, but I have not yet been able to confirm.
Padmasree Warrior, Cisco's chief technology officer, will assume Hooper's responsibilities.
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Charles Carmel has stepped down as vice president of corporate development with Cisco Systems (CSCO), in order to join private equity firm Warburg Pincus. Carmel will work out of San Francisco as a managing director, with a focus on investment opportunities in the technology sector.
"Charles' experience and expertise in venture capital, M&A and technology are an excellent fit with Warburg Pincus' growth-oriented approach to investing," said Pat Hackett, who leads Warburg MOREDan Primack - Aug 22, 2011 4:54 PM ET
Apple, Cisco, and other multinationals are lobbying hard for a tax break on foreign income. They may have a new ally in Sen. Chuck Schumer.
By Tory Newmyer, writer
FORTUNE -- The campaign by U.S. multinationals to sell Congress on a corporate tax break for their overseas profits has looked so far like tilting at windmills. Even backers of the so-called repatriation tax holiday have quietly acknowledged it's a political stinker that MOREJun 21, 2011 8:45 AM ET
Companies are spending cash, but not in ways that are impacting the jobless problem.
It's been widely reported that some of America's biggest companies are hoarding record amounts of cash amid an anemic economic recovery, and the logical assumption is that it's locked away in the bank, waiting to be spent sometime in the future.
After all, many executives still aren't hiring very much. U.S. unemployment remains high. Profits at many MORENin-Hai Tseng, Writer - Oct 28, 2010 10:25 AM ET
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