Cisco Systems CEO John Chambers isn’t going to be found begging on the streets any time soon. He’s made a bundle after being at the helm of Cisco for 16 years. So don’t feel bad when you hear that his pay fell 9.3 percent this last year.
The company released the latest info on executive pay as part of a securities filing on Wednesday. Chambers overall pay package fell to $11.7 million for the fiscal year ended July 28, down from $12.9 million the previous year.
The reason: His stock awards tumbled 41 percent in value. That pain was eased by $4 million he was awarded because Cisco achieved various revenue and profit metrics. Cisco’s stock was more or less flat during the year in question. Indeed, it’s been in a kind of coma since the dot-com bust.
Still, Chambers steered Cisco through some rough waters after it appeared the networking giant had stumbled badly. Investors have only been moderately impressed. But it appears the board was happy enough with the progress to give Chambers a bump in annual salary, from $375,000 to $1.1 million. That’s his first salary raise in several years.