Cisco Development Head Giancarlo Leaves

Network equipment maker Cisco Systems said Chief Development Officer Charles Giancarlo, widely seen as a leading candidate for future CEO, is leaving the company.

Cisco shares rose 9 cents to close at $28.28 in Nasdaq trade on Thursday.

Giancarlo, 50, said he will work at Silverlake Partners as a managing director.

Chief Executive John Chambers said the company would reorganize its management structure and that he would not replace the CDO position.