Summary
This Form 8-K filing from Cisco Systems, Inc. announces significant changes to its Board of Directors. Three long-standing directors, M. Michele Burns, Roderick C. McGeary, and Dr. Lisa T. Su, have decided not to seek re-election at the upcoming 2023 Annual Meeting. This signals a period of transition and potential refreshment on the board. Concurrently, Cisco has appointed Daniel H. Schulman, former CEO of PayPal Holdings, Inc., to its Board of Directors, effective October 10, 2023. Mr. Schulman's extensive leadership experience is expected to bring valuable insights. His compensation will align with Cisco's standard non-employee director package, including cash retainers and equity awards, with the ability to defer these compensation components. He will also be subject to Cisco's standard indemnity agreement.
Key Highlights
- 1Three directors (M. Michele Burns, Roderick C. McGeary, Dr. Lisa T. Su) will not stand for re-election at the 2023 Annual Meeting.
- 2Daniel H. Schulman, former CEO of PayPal Holdings, Inc., has been appointed to the Board of Directors, effective October 10, 2023.
- 3Mr. Schulman's appointment brings significant executive leadership experience to the board.
- 4Mr. Schulman will receive standard non-employee director compensation, including cash retainers and equity awards.
- 5Director compensation can be elected to be received in cash, shares of common stock, or deferred compensation/stock units.
- 6Mr. Schulman will be entitled to indemnification as per Cisco's standard form of Indemnity Agreement.