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Wells Fargo CEO joins Cisco board

The CEO of the banking giant has joined the board of the networking behemoth.

Richard M. Kovacevich, chief executive officer of Wells Fargo & Co., has joined Cisco's board of directors, the company announced on Thursday. This raises the number of board member to 13.

"His distinguished career in the banking and financial services industries will provide Cisco with considerable expertise and a unique perspective as we continue to execute on our growth strategy," John Morgridge, chairman of Cisco?s board, said in a statement. Kovacevich became CEO of Wells Fargo in 1998 after it merged with Norwest Corp.