During a period where networking giant Cisco (Nasdaq: CSCO) restricted its business, cut jobs and sold divisions, chief executive John Chambers was given compensation totaling some $12.9 million. It was a 32 percent drop from the $18.9 million he earned in 2010.
Chambers, according to papers filed with the Securities and Exchange Commission received $12.5 million in stock from Cisco in 2011, as well as a $375,000 salary, down from $382,212 a year earlier, a 2 percent decrease. Not surprisingly, Chambers didn't receive a performance-based bonus in 2011; in 2010, his bonus was $4.6 million.
According to the papers filed with the SEC, Cisco's compensation committee decided not to award its highest executive officers with cash incentives or performance-based stock units for fiscal 2011, costing Chambers half his $12.5 million equity award.
Chambers, meanwhile, also topped a list of the most overpaid CEOs in the U.S. The list, from 24/7 Wall St., compared CEOs pay with the performance of their company's stock. In Chamber's case, Cisco's 31.4 percent drop during fiscal 2011 helped him earn is spot.
For more:
- see this TechWorld report
- see this ITWorld report
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