According to the most recent IRS Form 990 (page 28) filed by Cisco CEO - John Chambers, he admirably donated $10K to the local Boys & Girls Club. Chambers has also been just as generous and charitable to Cisco stockholders by not seeking reimbursement (proxy statement, page 51, last paragraph) for the expenses he has incurred in the operation of his own private jet (view the actual photo of his jet above) when it was used solely for Cisco business.
Nonetheless, the proxy statement said Cisco's board gave Chambers approval to seek reimbursement for his business use of his private jet:
"In September 2008, the Board of Directors adopted a travel policy whereby the Company’s Chairman and Chief Executive Officer, John T. Chambers, is generally required to utilize a private airplane for business travel because his responsibilities on behalf of Cisco entail substantial national and international travel.
"Mr. Chambers will be reimbursed for expenses incurred in the operation of his private plane when used solely for Cisco business provided such expenses do not exceed the market rate charged for equivalent commercial charter travel.
"To date, there have been no reimbursements made to Mr. Chambers under this policy."
So where are the whereabouts of Cisco CEO John Chambers' private jet during those times Cisco TelePresence just couldn't cut the mustard? Based on available records, Chambers will fly on average 7 times a month traveling mainly around the Western U.S. and occasionally visiting more exotic locations like Hawaii and Brussels....
The New York Times quoted Chambers earlier this month regarding his jet, "I own my own plane, and that is a huge cost. I just got a new one and paid for it myself. I continue to pay for a lot of expenses on my own. I think you should take your salary down when tough times occur, and that’s my recommendation for the industry."
New - Updated Daily: Where's Cisco CEO John Chambers today?
Don't be shy, how much do you think Cisco CEO John Chambers pays out-of-pocket to fly in his own private jet?
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It really doesn't matter...
It really doesn't matter... I think we have more important things to blog about in this forum...
I could careless
I really don't care where the jet is, just as long as it doesn't crash on my house. I'm pretty sure we could come up with a better topic. How about I have the ccnX certification, but where are the jobs at? How did I get my start into networking. Landing that entry level network job
Take your pick
Hi Frank,
Take your pick.
Appreciate your input.
Sincerely and most gratefully yours,
Brad Reese
BradReese.Com Cisco Refurbished
As a Cisco employee and shareholder...
What this story misses is that for John's tenure as CEO of (my) company he has not been using the company jet, because Cisco doesn't have one. John has been using John's jet, for company business, on his own dime.
During the last economic meltdown John reduced John's salary to $1 in 2001 for a few years. I believe several other senior leaders at (my) Cisco were reduced as well. While the market expects to (my) Cisco to provide a particular return on assets, this reduction in salaries kept a lot of (my) Cisco team members employed.
As for telepresence, I use it several times a week to keep in touch with my clients and my Cisco team. Cisco telepresence has keep me at home significantly more in the last 9 years - my frequent flyer and hotel summaries prove this out. My wife loves it, because her husband isn’t returning from a Friday afternoon meeting late on Friday night or Saturday morning, and crossing half a dozen timezones. Telepresence = Working hard and having a life at home too.
Lastly, I wish you researched the stories of Cisco lore that have John’s jet flying family members to critical family events. It’s a shame that it is truly a rare blog post that strives to uplift in these trying times.
Clarification
To clarify the last paragraph. John's plane has flown Cisco employee families to catastrophic family events.
Value of Cisco stock options exercised
Am sure the $6 billion of total pretax intrinsic value of Cisco stock options that were exercised during fiscal 2008, 2007, and 2006 (page 74) helped provide Chambers with the "financial means" to be so generous and charitable.
Thank you very, very much for letting us know more about the generosity and kindness of Cisco CEO John Chambers.
Sincerely and most gratefully yours,
Brad Reese
BradReese.Com Cisco Refurbished
Conflict of Interest?
Brad,
In the interest of fairness, at the end of every negative story you write about Cisco perhaps you should disclose whether you have a financial interest in a Cisco competitor. Doesn't bradreese.com compete directly against Cisco for the sales and support of refurbished Cisco gear?
Disclaimer: In the interest of fairness, I must disclose that I have a long position in CSCO.
Exactly how is this a negative story?
To be fair, exactly how is this a negative story?
Additionally, Cisco does not support the secondary Cisco equipment market, however, BradReese.Com does!
Regarding my financial interests, currently own and still have unrealized stock gains in the following stocks:
General Electric
Intel
Johnson & Johnson
Proctor & Gamble
Wyeth
3M
Shares recently sold with gains:
Proctor & Gamble
Du Pont E I De Nemours & Co
3M
Wyeth
Johnson & Johnson
General Electric
Intel
Stock recently sold taking a loss:
Royal Dutch Shell Plc ADR
Perhaps as Cisco's highly touted Operating Committee, Councils, Boards and Working Groups move into new market adjacencies, the above stocks will eventually become Cisco competitors!
Sincerely,
Brad Reese
BradReese.Com Cisco Refurbished
How is the story negative?
How is the story negative? Without knowing the purpose of the trips (business? pleasure?) or even who was on the plane, you say that the flights were taken because Telepresence "just couldn't cut the mustard".
Also, if when you say that "Cisco does not support the secondary Cisco equipment market" you mean that Cisco does not sell refurbished gear, then I disagree:
http://www.cisco.com/web/ordering/ciscocapital/refurbished/index.html
I still have a long position in CSCO.
Well yeah!
Well yeah!
It appears that Cisco TelePresence doesn't "cut the mustard" for certain business and pleasure purposes, sorry but it's obviously true.
For yours truly it would be a hoot just to do "touch & goes" in a $50 million private jet.
Unfortunately, authorized/factory refurbished Cisco is not the same as the secondary Cisco equipment market.
Are you willing to go on record that you think the next CEO of Cisco will be the "executive" who turns authorized/factory refurbished Cisco into a major success?
Certainly the market potential is large enough for such an effort, but why won't Cisco seize the opportunity?
And why won't the next CEO of Cisco be they guy/gal who makes it happen?
Sincerely,
Brad Reese
BradReese.Com Cisco Refurbished
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