Cisco chief scores $2 million bonus
Despite huge losses and job cuts this fiscal year, Cisco’s chief executive has still received a considerable bonus for his efforts.
Cisco's chief executive has received a hefty $2 million (1.2 million) bonus for his efforts at the company this year despite it posting losses and cutting thousands of staff.
John Chambers, chairman and chief executive of the networking firm, was one of six executives to receive what the company called an "incentive payment" detailed in a filing to the US Security and Exchange Commission.
The filing said: "The Committee considered the Company's solid financial performance during a period of tough economic challenges, and each individual's key role in driving operational excellence and strong profitability."
It also pointed out these payments were "significantly lower" than cash incentives given out in the more successful 2008 fiscal year.
However, results from the firm in August showed a 46 per cent drop in net income from the same period last year, falling from $2 billion to $1.1 billion, as well as job cuts of 2,000 globally.
Other payments included $1 million to Wim Elfrink, chief globalisation officer and $900,000 to both Frank Calderoni, chief financial officer, and Randy Pond, operations, processes and systems executive.
IT PRO contacted Cisco but a spokesperson from the company couldn't provide more information than was on the filing document.
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