Cisco Systems Adopts New Board of Director Governance Policy; Mandatory Age Limit Initiated for Board Member Nominations.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif. -- Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CSCO CSCO Cisco Systems Incorporated (stock symbol) CSCO Chief Supply Chain Officer ) today announced that the Board of Directors yesterday adopted a policy that no individual will be eligible to be nominated nom·i·nate tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. or renominated for election to the Board of Directors after his or her 70th birthday. In the case of the current Chairman of the Board, John P. Morgridge, age 71, the policy will take effect for nominations for the 2006 Annual Meeting of Shareholders expected to be held November 2006. The policy was adopted at a regularly scheduled board meeting, upon recommendation of the board's Nomination and Governance Committee. The Nomination and Governance Committee is comprised of independent board members Donald T. Valentine, Carol A. Bartz, James F. Gibbons Famous people named Gibbons include:
Based on the new policy, Vice Chairman Donald T. Valentine and board member James F. Gibbons will not be eligible for renomination for Cisco's 2005 Annual Meeting of Shareholders in November 2005. Both directors intend to remain on the board through the date of the Annual Meeting, and Cisco expects to reduce the number of authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: directors from 13 to 11 at that time. "Consistent with similar policies adopted by leading corporations, we've initiated this change to create a more formal timeline for board member changes," said Cisco Chairman John Morgridge John P. Morgridge joined Cisco Systems in 1988 as President and CEO, and grew the company from $5 million to more than $1 billion in sales, and from 34 to more than 2,250 employees. In 1990 he took Cisco public, and in 1995 was appointed Chairman. . "This provides both the board and our shareholders with a clear roadmap for the natural evolution of our Board of Directors. I look forward to the next year and a half of service to Cisco shareholders, working with the board, senior management and employees to drive the Company's continued industry leadership." Morgridge further commented, "For more than a decade, I've had the pleasure to serve on the board alongside Don and Jim. They have both contributed significantly to Cisco's success, and the entire Cisco community owes them a debt of gratitude." About Cisco Governance Policies: http://investor.cisco.com/phoenix.zhtml?c=81192&p=irol-govHighlights About Cisco Systems Cisco Systems, Inc. (NASDAQ:CSCO), the worldwide leader in networking for the Internet, this year celebrates 20 years of commitment to technology innovation, industry leadership and corporate social responsibility. Information on Cisco can be found at http://www.cisco.com. For ongoing news, please go to http://newsroom.cisco.com. Cisco, Cisco Systems, and the Cisco Systems logo are registered trademarks of Cisco Systems, Inc. and/or its affiliates in the U.S. and certain other countries. All other trademarks mentioned in this document are the property of their respective owners. |
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