Cisco has appointed new leaders.
Takeaway Points
- Cisco has appointed Mark Patterson as Cisco’s Chief Financial Officer.
- Scott Herren has decided to retire at the end of FY25.
- Cisco reports third quarter earnings.
Cisco’s New Leaders
Cisco announced on Wednesday some changes to Cisco’s executive leadership team. First, Scott Herren has decided to retire at the end of FY25 after nearly five impactful years with the company.
According to the company, Mark Patterson, their current Executive Vice President and Chief Strategy Officer, will step into the role as Cisco’s Chief Financial Officer on day one of fiscal year 2026. Jeetu Patel, their current Executive Vice President and Chief Product Officer, is being promoted to President and Chief Product Officer, effective immediately.
CFO Transition
Cisco said that in the next few months, Scott and Mark will work closely to ensure a smooth change; after that, Scott will move into an advisory role through April 2026. It will begin an immediate internal search to identify a new leader for the Corporate Strategy, Development, and Incubation Organization, which Mark now leads.
History of Mark
Mark has been at Cisco for nearly 25 years, holding leadership positions across finance, strategy, and operations, the company said. He also spent more than a decade in sales, working in roles that spanned every customer segment and geography.
Recently, he has been leading the Corporate Strategy, Development, and Incubation Organization. Mark’s focus has been on connecting our longer-term strategy and investments with our immediate and urgent growth opportunities, Cisco added.
Cisco Reports Third Quarter Earnings
Cisco also reported its third-quarter results for the period ended April 26, 2025, on Wednesday. The company reported third-quarter revenue of $14.1 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.5 billion, or $0.62 per share, and non-GAAP net income of $3.8 billion, or $0.96 per share.
Chuck Robbins, chair and CEO of Cisco, commented, “Cisco once again had strong quarterly results with clear demand for our technologies. The momentum we are seeing with AI is fueled by the power of our secure networking portfolio, our trusted global partnerships, and the value we bring to our customers.”
Scott Herren, CFO of Cisco, said, “Another quarter of solid execution in Q3 drove revenue, margins and EPS above our guidance ranges. Our innovation positions us well for future growth and our operational discipline is generating strong cash flows, enabling us to deliver significant shareholder returns.”
Herren added, “Reconciliations between net income, EPS, and other measures on a GAAP and non-GAAP basis are provided in the tables located in the section entitled “Reconciliations of GAAP to non-GAAP Measures.”
Q3 FY 2025 Report
According to the report, Cisco’s total revenue was $14.1 billion, up 11 percent, with product revenue up 15 percent and services revenue up 3 percent.
The Americas was up by 14 percent, EMEA up 8 percent, and APJC up 9 percent. Product revenue performance reflected growth in security, up 54 percent; observability, up 24 percent; networking, up 8 percent; and collaboration, up 4 percent, the report stated.
Cisco said that on a GAAP basis, the total gross margin, product gross margin, and services gross margin were 65.6 percent , 64.4 percent, and 68.7 percent, respectively, as compared with 65.1 percent, 63.5 percent, and 69.2 percent, respectively, in the third quarter of fiscal 2024.
