Cisco CEO doubles salary
Cisco Systems Inc Chief Executive John Chambers’ total annual compensation almost doubled, the world’s biggest network equipment maker said in a regulatory filing.
Chambers’ compensation rose to $21.05 million in the year ended July 27 from about $11.7 million a year earlier.
Sixty-four-year old Chambers has been Cisco’s CEO from 1995. During this time the company’s stock has risen about six times.
But Cisco has been losing ground in the network securities market for the past few years as competition increased from more innovative rivals such as Juniper Networks Inc, Palo Alto Networks Inc and Checkpoint systems Inc.
Cisco said in August it was cutting 4,000 jobs to reduce costs and refocus on growth areas.
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