Cisco CEO Chambers' pay drops 9% to $11.7 million
Cisco CEO John Chambers received a $4 million cash bonus in fiscal 2012, but it wasn't enough to offset a 41% decline in stock awards. His total compensation, valued at $11.7 million, is down 9% compared to 2011, when his pay package was worth $12.9 million.
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In addition to the $4 million performance-based bonus, Chambers received a $375,000 salary and stock awards valued at $7.3 million in the 2012 fiscal year, which ended July 28. In 2011, he netted $12.5 million in stock awards but he didn't receive any cash bonus, according to a filing with the U.S. Securities and Exchange Commission.
Chambers' 2012 salary is the same amount he received a year earlier, but he's getting a big increase: Cisco's compensation committee approved a nearly threefold salary hike to $1.1 million for Chambers in the 2013 fiscal year, underway now.
On the perks front, Chambers received $11,025 in company contributions to his 401(k) plan in 2012. The company also reimbursed Chambers $2.1 million for business travel expenses related to the use of a private plane for Cisco business. (The $2.1 million reimbursement is not included in Chambers' 2012 compensation tally.)
Total pay for Chambers is calculated using data supplied in a proxy statement filed with the SEC on Sept. 26. The following figures are taken from the summary compensation table: salary, stock awards, non-equity incentive place compensation (performance-based cash bonus), and all other compensation. The estimated value of equity awards represents the grant date fair value for stock awards and stock options granted during the fiscal year.
Ann Bednarz covers IT careers, outsourcing and Internet culture for Network World. Follow Ann on Twitter at @annbednarz http://twitter.com/annbednarz and check out her blog, Occupational Hazards. http://www.networkworld.com/community/blog/5678 Her e-mail address is email@example.com.
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