Performance failed to match previous year yet CEO Chambers pockets $2 million
In a filing with the SEC last week, Cisco said it would pay lower bonuses to company executives for fiscal 2009 because performance did not match or exceed 2008’s results. Nonetheless, CEO John Chambers still pocketed $2 million.
In the filing, Cisco stated that the bonuses are “significantly lower” than the cash awards paid to company executives during fiscal 2008. Yet they were still awarded based on Cisco’s “solid financial performance during a period of tough economic challenges, and each individual’s key role in driving operational excellence and strong profitability.”
Cisco finished the 2009 fiscal year with revenue down 8.7% and earnings down 17%.
In addition to Chambers and his $2 million, other Cisco executives receiving bonuses were:
- Frank Calderoni, Executive Vice President, Chief Financial Officer, $900,000;
- Wim Elfrink, Executive Vice President, Cisco Services and Chief Globalization Officer, $1,000,000;
- Randy Pond, Executive Vice President, Operations, Processes and Systems, $900,000;
- and Richard Justice, former Executive Vice President, Worldwide Operations and Business Development and current Executive Vice President – Executive Advisor, $750,000.
Robert Lloyd, Executive Vice President, Worldwide Operations, who did not become an executive officer until Q4 of fiscal 2009, received a cash incentive award of $900,000.
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