Cisco Systems Board Shake-up: Two Depart, Two New Directors Elected
Ticker: CSCO · Form: 8-K · Filed: Jul 19, 2024 · CIK: 858877
| Field | Detail |
|---|---|
| Company | Cisco Systems, INC. (CSCO) |
| Form Type | 8-K |
| Filed Date | Jul 19, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $2,585,710 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, governance
Related Tickers: CSCO
TL;DR
Cisco board sees turnover: Chandler & Burns out, Martinez & Ramsey in.
AI Summary
On July 15, 2024, Cisco Systems, Inc. announced the departure of two board members, Mark Chandler and M. Michele Burns. The company also elected two new directors, Maria Martinez and Michael D. Ramsey, to its board. These changes are effective immediately.
Why It Matters
Changes in board composition can signal shifts in strategic direction or governance oversight for Cisco Systems.
Risk Assessment
Risk Level: low — This filing reports routine board changes and does not involve financial distress or significant operational shifts.
Key Players & Entities
- CISCO SYSTEMS, INC. (company) — Registrant
- Mark Chandler (person) — Departing Director
- M. Michele Burns (person) — Departing Director
- Maria Martinez (person) — Newly Elected Director
- Michael D. Ramsey (person) — Newly Elected Director
- July 15, 2024 (date) — Date of earliest event reported
FAQ
Who are the departing directors of Cisco Systems?
Mark Chandler and M. Michele Burns have departed from the board of directors of Cisco Systems.
Who are the newly elected directors of Cisco Systems?
Maria Martinez and Michael D. Ramsey have been elected as new directors to the board of Cisco Systems.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on July 15, 2024.
What is the exact name of the registrant?
The exact name of the registrant is CISCO SYSTEMS, INC.
What is the principal executive office address for Cisco Systems?
The principal executive office address for Cisco Systems is 170 West Tasman Drive, San Jose, California 95134-1706.
Filing Stats: 631 words · 3 min read · ~2 pages · Grade level 11.8 · Accepted 2024-07-19 16:04:49
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share CSCO The Nasdaq Stock Market
- $2,585,710 — tled to a cash payment in the amount of $2,585,710.91, which is equal to eighteen months o
Filing Documents
- csco-20240715.htm (8-K) — 29KB
- exhibit101.htm (EX-10.1) — 80KB
- 0000858877-24-000012.txt ( ) — 248KB
- csco-20240715.xsd (EX-101.SCH) — 2KB
- csco-20240715_lab.xml (EX-101.LAB) — 21KB
- csco-20240715_pre.xml (EX-101.PRE) — 12KB
- csco-20240715_htm.xml (XML) — 3KB
02. Departure of Directors or Certain Officers; Election of Directors; Appointment
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Compensatory Arrangement of Certain Officer On July 15, 2024, Jeff Sharritts, former Executive Vice President and Chief Customer and Partner Officer of Cisco Systems, Inc. ("Cisco"), entered into a Separation Agreement and General Release (the "Separation Agreement") in connection with his termination of employment as an executive advisor effective July 15, 2024. The Separation Agreement provides that Mr. Sharritts will be entitled to accelerated vesting of the time-based restricted stock unit awards which are scheduled to vest through December 10, 2025 and will be deemed eligible for retirement vesting of certain performance-based restricted stock units. Mr. Sharritts will also be entitled to a cash payment in the amount of $2,585,710.91, which is equal to eighteen months of his annual base salary, his annual target bonus award, and 17 months of COBRA premiums. In consideration for such benefits, Mr. Sharritts executed a release of claims relating to his employment and agreed to comply with the terms of the Separation Agreement, Cisco's Code of Business Conduct and related policies, and Cisco's Proprietary Information and Inventions Agreement. The foregoing description of the Separation Agreement is qualified in its entirety by reference to the Separation Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description of Document 10.1 Separation Agreement and General Release, by and between Cisco Systems, Inc. and Jeff Sharritts 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CISCO SYSTEMS, INC. Dated: July 19, 2024 By: /s/ Evan Sloves Name: Evan Sloves Title: Secretary