BlackRock, the world’s largest asset manager, on Wednesday said Cisco Systems Chief Executive Charles Robbins has been nominated to serve on its board of directors.
Robbins will join the board as an independent director, if elected by shareholders, following BlackRock’s May 25 annual meeting, the company said in a statement.
Former Merrill Lynch & Co Chief Executive David Komansky and former PNC Financial Services Group Chief Executive Thomas O’Brien, who had been the lead independent director, will not stand for reelection.
Murry Gerber, an existing BlackRock board member and former chief executive of EQT, will become the lead independent director, according to a person familiar with the matter.
“Throughout his career, Chuck has helped global corporations navigate a world being reshaped by technological advancement,” said BlackRock chairman and CEO Larry Fink.
“At BlackRock, technology is rapidly transforming how we invest, measure risk, distribute our products, and run our operations.”