Cisco CEO John Chambers celebrates $24 million payday
So why is the national news media reporting that Chambers is celebrating only a $21 million payday? Well, because it appears the national news media missed $2.8 million.
"Well the limited restructuring is in motion and it's across the board. Would be interesting to see if all of the cronies under SVP Brian Marlier (1,155 direct reports) in Enterprise is affected. Especially the Business Value Approach group headed up by Marlier's worthless personal assistant VP Sandy Hogan (355 direct reports). She has more directors and managers without any reports that bring absolutely no revenue into the company. Yes part of the ole boys club at Cisco which ultimately is driving this company into the ground.
"Also, really nice when at a company meeting, JC asks one of the Cisco workerbees to stand up and look at the audience and then says how would you feel if you had to let go family members? 'It's really tough huh?' Not so tough when you're getting a 80% raise that was just announced."
Combined with the loss of thousands of Cisco jobs that were previously based in the United States, Chambers has got quite a lot to celebrate with his wife Elaine:
Well, because it appears the national news media missed $2.8 million.
How so?
Just read Cisco's DEF 14A filed yesterday with the SEC (page 60):
"In September 2008, the Board of Directors adopted a travel policy whereby Cisco's Chairman and CEO, John T. Chambers, is generally required to utilize a private airplane for business travel because his responsibilities on behalf of Cisco entail substantial national and international travel. Commencing with expenses incurred in September 2008, Mr. Chambers is reimbursed solely for business expenses incurred in the operation of a private plane when used for Cisco business, provided such expenses do not exceed the market rate charged for equivalent commercial charter travel.
"For such business travel expenses incurred in fiscal 2013, there are approximately $2.8 million of reimbursements to Mr. Chambers under this policy."
