8-KLeadership Changes

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Feb 23, 2011)

Filed February 23, 2011For Securities:CSCO

Summary

Cisco Systems, Inc. (CSCO) filed an 8-K on February 23, 2011, reporting a significant executive appointment. Effective February 21, 2011, Gary B. Moore was appointed as the new Chief Operating Officer (COO). This appointment comes with the expectation of a future award of restricted stock units, subject to standard terms and conditions, which is a common incentive for executive roles and aligns with investor interests in executive compensation tied to company performance. Mr. Moore brings extensive experience to the COO role, having most recently served as Executive Vice President of Cisco Services. His tenure at Cisco began in 2001, and he has held various senior leadership positions, including responsibility for Cisco Services. His prior experience includes a stint as CEO of Netigy Corporation and executive roles at Electronic Data Systems. This background suggests a deep understanding of Cisco's operations and the broader technology sector, which should be beneficial in his new capacity as COO.

Key Highlights

  • 1Gary B. Moore appointed as Chief Operating Officer (COO) of Cisco Systems, Inc., effective February 21, 2011.
  • 2Mr. Moore is expected to receive restricted stock units as part of his new role, subject to the Compensation and Management Development Committee's approval.
  • 3Moore's prior role was Executive Vice President, Cisco Services.
  • 4Moore has been with Cisco since October 2001, holding various senior leadership positions within the services division.
  • 5His previous experience includes CEO of Netigy Corporation and executive roles at Electronic Data Systems.
  • 6The filing signifies a key leadership change in operational management for Cisco.
  • 7The compensation component (restricted stock units) indicates a performance-based incentive for the new COO.

Frequently Asked Questions

Gary B. Moore's appointment as Chief Operating Officer is a significant leadership change, placing him in charge of the company's day-to-day operations. His extensive experience within Cisco, particularly in its services division, suggests a strategic move to leverage internal talent for operational oversight.

Mr. Moore is expected to be granted restricted stock units. This form of compensation is typical for executive appointments and aligns the executive's interests with those of shareholders by tying potential gains to the company's stock performance.

Gary B. Moore has a long history with Cisco, joining in 2001 and most recently serving as Executive Vice President of Cisco Services. Before that, he was CEO of Netigy Corporation and held executive positions at Electronic Data Systems, bringing a wealth of experience in technology operations and management.

This 8-K filing specifically reports an executive appointment and associated compensation arrangements. It does not contain information related to the company's financial performance, results of operations, or any significant financial events. For financial performance updates, investors should refer to Cisco's quarterly (10-Q) and annual (10-K) reports.