Cisco's chief executive has received a hefty $2 million (1.2 million) bonus for his efforts at the company this year despite it posting losses and cutting thousands of staff.
John Chambers, chairman and chief executive of the networking firm, was one of six executives to receive what the company called an "incentive payment" detailed in a filing to the US Security and Exchange Commission.
The filing said: "The Committee considered the Company's solid financial performance during a period of tough economic challenges, and each individual's key role in driving operational excellence and strong profitability."
It also pointed out these payments were "significantly lower" than cash incentives given out in the more successful 2008 fiscal year.
However, results from the firm in August showed a 46 per cent drop in net income from the same period last year, falling from $2 billion to $1.1 billion, as well as job cuts of 2,000 globally.
Other payments included $1 million to Wim Elfrink, chief globalisation officer and $900,000 to both Frank Calderoni, chief financial officer, and Randy Pond, operations, processes and systems executive.
IT PRO contacted Cisco but a spokesperson from the company couldn't provide more information than was on the filing document.
Visit IT PRO's sister title Channel Pro for news, in-depth analysis and industry comment aimed at distributors, resellers and anyone else working in the IT channel.
-
Asus ZenScreen Fold OLED MQ17QH reviewReviews A stunning foldable 17.3in OLED display – but it's too expensive to be anything more than a thrilling tech demo
-
How the UK MoJ achieved secure networks for prisons and offices with Palo Alto NetworksCase study Adopting zero trust is a necessity when your own users are trying to launch cyber attacks
-
Cisco claims new smart switches provide next-level perimeter defenseNews Cisco’s ‘security everywhere’ mantra has just taken on new meaning with the launch of a series of smart network switches.
-
Cisco is jailbreaking AI models so you don’t have to worry about itNews Cisco's new AI Defense security solution helps organizations shore up LLM security by identifying potential flaws.
-
Cisco dispels Kraken data breach claims, insists stolen data came from old attackNews Cisco has refuted claims it has suffered a data breach after the Kraken threat group posted stolen data online.
-
Cisco patches critical flaws in Identity Services EngineNews Cisco has issued patches for a pair of critical vulnerabilities affecting its Identity Service Engine (ISE).
-
Your office is now absolutely riddled with surveillance equipmentNews While workplace monitoring is shown to have a detrimental effect on morale, many firms are still charging ahead
-
Cisco confirms attackers stole data, shuts down access to compromised DevHub environmentNews The tech giant insists that no sensitive customer information has been compromised
-
Cisco confirms investigation amid data breach claimsNews The networking giant says its probe is ongoing amid claims a threat actors accessed company data
-
Rubrik partners with Cisco to bolster cyber resilience
News Rubrik now integrates with Cisco XDR and is listed on the connectivity giant’s SolutionsPlus program
