Cisco Systems has said its incentive payments for a number of top executives were “significantly lower” in the latest fiscal year, as the company didn’t meet minimum performance goals. The world’s biggest maker of Internet-connectivity equipment revealed in an SEC filing that it awarded chairman and chief executive John Chambers $2.03 million and chief financial officer Frank Calderoni $900,000. A year earlier, Chambers received $3 million and Calderoni got $1.05 million. Calderoni was named finance chief in February 2008. Cisco added it considered the company’s “solid financial performance during a period of tough economic challenges” for the fiscal year ended July 25, according to Dow Jones.
Lower Bonuses for Cisco’s Executives
The world’s biggest maker of Internet-connectivity equipment revealed in an SEC filing that it awarded chairman and chief executive John Chambers $2.03 million and chief financial officer Frank Calderoni $900,000. A year earlier, Chambers received $3 million and Calderoni got $1.05 million.
September 7, 2009