8-KLeadership ChangesExhibits & Filings

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Sep 18, 2017)

Filed September 18, 2017For Securities:CSCO

Summary

Cisco Systems, Inc. (CSCO) filed an 8-K on September 18, 2017, to announce a significant leadership transition. Executive Chairman John T. Chambers has informed the Board of Directors of his decision not to stand for re-election at the upcoming 2017 Annual Meeting of Shareholders, scheduled for December 11, 2017. Mr. Chambers will continue in his current role until that meeting. This transition marks the end of an era for Cisco, as Mr. Chambers has been a pivotal figure in the company's growth and success. The Board plans to appoint current CEO Chuck Robbins to also assume the role of Chairman of the Board upon Mr. Chambers' departure. The Board size is also expected to be reduced to eleven members. Investors should monitor the company's strategy and execution under this new leadership structure.

Key Highlights

  • 1John T. Chambers, Executive Chairman, will not seek re-election at the 2017 Annual Meeting of Shareholders.
  • 2Mr. Chambers will continue as Executive Chairman until the Annual Meeting on December 11, 2017.
  • 3Chuck Robbins, current CEO, is slated to become Chairman of the Board.
  • 4The Board of Directors' size is expected to be reduced to eleven members following the Annual Meeting.
  • 5This filing is primarily informational regarding leadership succession.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce that Cisco's Executive Chairman, John T. Chambers, will not stand for re-election at the upcoming shareholder meeting and will step down from his role as Executive Chairman at that time. It also details the planned succession for the Chairman of the Board role.

The Board of Directors plans to appoint Chuck Robbins, who is currently the Chief Executive Officer of Cisco, to also serve as Chairman of the Board when Mr. Chambers' term concludes.

Mr. Chambers will continue to serve as Executive Chairman until Cisco's 2017 Annual Meeting of Shareholders, which is scheduled to be held on December 11, 2017.

Yes, the Board of Directors is expected to reduce its size to eleven members, effective at the time of the 2017 Annual Meeting of Shareholders, following Mr. Chambers' departure.