Charles Giancarlo Resigns From Cisco

NEW YORK – Charles Giancarlo, Cisco Systems Inc.’s chief development officer and heir-apparent to CEO John Chambers, resigned Thursday to join the investment firm Silver Lake Partners.

In a conference call, Chambers called Giancarlo’s departure a rare loss “where it wasn’t the right time to lose him.”

Giancarlo, 50, joined the network equipment maker 14 years ago when it bought Ethernet switch maker Kalpana. He started Cisco’s business development organization and formed its successful acquisition strategy, the company said.

Cisco’s recent acquisitions include online meeting service provider WebEx Communications and cable set-top box maker Scientific-Atlanta.

Menlo Park, Calif.-based Silver Lake Partners invests in large technology companies.