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Posted 10 October, 2023

CISCO SYSTEMS, INC. appointed new CEO

CEO Change detected for ticker Nasdaq:CSCO in a 8-K filed on 10 October, 2023.


  On October 5, 2023, the Board of Directors (the "Board") of Cisco appointed Daniel H. Schulman, former President and Chief Executive Officer of PayPal Holdings, Inc., as a member of the Board effective October 10, 2023.  

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Overview of CISCO SYSTEMS, INC.
Technology • Networking
Cisco Systems, Inc. engages in the design, manufacture, and sale of Internet Protocol-based networking products and services related to the communications and information technology industry. The firm operates through the following geographical segments: the Americas, EMEA, and APJC. Its products include the following categories: Secure, Agile Networks, Internet for the Future, Collaboration, End-to-End Security, Optimized Application Experiences, and Other Products. The company was founded by Sandra Lerner and Leonard Bosack in 1984 and is headquartered in San Jose, CA.
Market Cap
$200B
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CISCO SYSTEMS, INC. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


Departure of Directors


On October 4, 2023, M. Michele Burns, Roderick C. McGeary, and Dr. Lisa T. Su each notified Cisco Systems, Inc. ("Cisco") of their respective decision not to stand for re-election at Cisco's 2023 annual meeting of stockholders (the "2023 Annual Meeting"). Ms. Burns, Mr. McGeary, and Dr. Su will continue to serve as directors until the 2023 Annual Meeting.


Appointment of Director 


On October 5, 2023, the Board of Directors (the "Board") of Cisco appointed Daniel H. Schulman, former President and Chief Executive Officer of PayPal Holdings, Inc., as a member of the Board effective October 10, 2023. It has not yet been determined on which Board committees, if any, Mr. Schulman will serve. 


In connection with his service as a director, Mr. Schulman will receive Cisco's standard non-employee director cash and equity compensation. Mr. Schulman will receive a pro rata portion of the $80,000 annual cash retainer, paid quarterly in arrears, for his service through the remaining portion of the year ending at the 2023 Annual Meeting. Non-employee directors may instead elect to receive the annual cash retainer, committee cash retainer fees or other cash fees in fully vested shares of Cisco common stock, fully vested deferred stock units that would be settled in shares after the non-employee director leaves the Board, or a deferred cash payment under the Cisco Systems, Inc. Deferred Compensation Plan. Upon his appointment, pursuant to the Board's equity grant policy for non-employee directors, Mr. Schulman automatically received a fully vested initial non-employee director equity award under Cisco's 2005 Stock Incentive Plan with a grant date fair value equal to a pro rata portion of $245,000 based on the portion of the year of his board service. Non-employee directors may elect to defer receipt of the equity award such that the award would be settled in shares after the non-employee director leaves the Board. Non-employee directors are also eligible to participate in Cisco's charitable matching gifts program to the same extent as all Cisco employees (for calendar year 2023, the maximum match amount is $25,000).


In connection with his appointment, Mr. Schulman also entered into Cisco's standard form of Indemnity Agreement with Cisco which provides for indemnification of an indemnitee to the fullest extent permitted by law. The foregoing description of the Indemnity Agreement does not purport to be complete and is qualified in its entirety by the full text of the form of Indemnity Agreement, which was filed with the Securities and Exchange Commission on January 25, 2021 as Exhibit 10.1 to Cisco's Current Report on Form 8-K.