Cisco Appoints Chief Strategy Officer

SAN JOSE, Calif. (AP) -- Cisco Systems Inc. named a chief strategy officer Wednesday, choosing Ned Hooper to help shape the company's approach to moving into new markets.

The appointment comes as Cisco looks to expand its reach beyond its core business of making computer networking gear.

Hooper, who also serves as the company's senior vice president in charge of the corporate development and consumer groups, has been with the company for 11 years.

He formerly served as vice president of business development, leading Cisco's buyout strategy.

Cisco shares were down 15 cents at $18.09 in morning trading.