The networking powerhouse is replacing its longtime head, John Chambers.

Current Cisco CEO John Chambers

Laura Rauch / AP

Cisco Systems, a worldwide leader in the hardware that connects us to the web, has announced that Chuck Robbins will replace John Chambers as CEO of the company. Chambers spent more than 20 years at the helm of the company. At one point the most valuable company in the world, Cisco is a Silicon Valley institution and Chambers is one of the industry's best-known leaders. He will become Cisco's executive chairman.

Chambers will be replaced by Cisco's senior vice president of worldwide operations, Chuck Robbins. Robbins has been with the company since 1997, and according to statements from Chambers appears to be a handpicked successor. Robbins will be taking over a company worth around $150 billion. The moves take effect on July 26.

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