Last week Cisco Systems announced that CEO John Chambers, who has run the company for more than 20 years, will retire in July and transition to the role of executive chairman. It signals the end of an era for Jim Cramer, as the technology industry just won't be the same.
Instead, Chuck Robbins will take over as CEO after serving as the company's senior vice president for worldwide field operations. Cramer has watched as Cisco has transformed itself, planting in the epicenter of the Internet of things with top quality security built right into its products.
This comes as a critical time, as issues such as data hacking are becoming more common among companies. Additionally, Cisco has a large European business that could gain strength as the European economy appears to be ramping up on a stronger euro.
Cisco reported at the close on Wednesday, and delivered a 1 cent earnings beat from a 53 cent basis. It also reported higher than expected sales, up 5.1 percent year over year.