8-KLeadership Changes

CISCO SYSTEMS, INC. 8-K Report, Executive Changes (Oct 18, 2018)

Filed October 18, 2018For Securities:CSCO

Summary

This 8-K filing from Cisco Systems, Inc. (CSCO) primarily announces changes to its Board of Directors. Dr. John L. Hennessy has elected not to stand for re-election at the upcoming 2018 Annual Meeting of Shareholders. Additionally, Carol A. Bartz will not be renominated due to the company's age limit policy for directors. These departures will result in a reduction of the Board size from ten to nine members following the meeting. Investors should note that these changes are being communicated well in advance of the December 12, 2018, Annual Meeting. Dr. Hennessy and Ms. Bartz will continue to serve their current terms until that meeting. The company has nominated all other existing directors for re-election, indicating a general continuity in board leadership outside of these specific departures. The reduced board size suggests a strategic move towards a more streamlined governance structure.

Key Highlights

  • 1Dr. John L. Hennessy will not seek re-election to the Board of Directors at the 2018 Annual Meeting.
  • 2Carol A. Bartz will not be renominated for the Board due to the company's age limit policy.
  • 3The size of the Board of Directors will be reduced to nine members effective after the 2018 Annual Meeting.
  • 4All other current directors have been nominated for re-election.
  • 5Dr. Hennessy and Ms. Bartz will continue to serve as directors until the 2018 Annual Meeting on December 12, 2018.

Frequently Asked Questions

Dr. John L. Hennessy notified Cisco of his decision not to stand for re-election at the 2018 Annual Meeting of Shareholders. The specific reasons for his decision are not detailed in this filing.

No, the filing states that upon recommendation by the Nomination and Governance Committee, each of the other current directors (except Carol A. Bartz) has been nominated for re-election.

The Board's size will be reduced to nine members following the 2018 Annual Meeting of Shareholders. This is a reduction from the current size of ten members.

The changes, including the reduction in board size, will become effective at the time of the 2018 Annual Meeting of Shareholders, which is scheduled for December 12, 2018. Dr. Hennessy and Ms. Bartz will serve until this date.