Cisco CEO Chambers' compensation jumps to $21.1M, more potential successors named
John Chambers, Cisco's (Nasdaq: CSCO) chairman and CEO, saw his total compensation rise to $21.1 million during the company's latest fiscal year, reports Bloomberg--up almost double from the $11.7 million he received in total compensation the year previous.
In a filing with the U.S. Securities and Exchange Commission, Cisco said that Chambers' base salary rose for the year ending in July from $375,000 to $1.1 million. The company added that his earlier salary was "historically low," and the raise is commensurate with what other CEOs of large companies make.
As part of his package, Chambers got a $4.7 million cash bonus and $15.2 million in restricted stock, up from $3.95 million and $7.35 million, respectively, in fiscal 2012.
Chambers has been working through a tough stretch at the company.
Although its fiscal Q4 2013 revenues rose 6.2 percent year-over-year to $12.4 billion, Cisco executives said that they would have to lay off 4,000 employees, or about 5 percent of its workforce as part of a company-wide cost cutting effort.
In related news, Chambers has cited Cisco's Robert Lloyd, executive vice president of worldwide operations, and Gary Moore as possible candidates to succeed him as CEO. It also is evaluating eight other executives.
- Bloomberg has this article
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