Cisco CEO John Chambers didn’t get hit his sales and profit targets so the board trimmed his pay.
Chambers earned about $US16.5 million for fiscal 2014, compared to the $US21 million he earned for fiscal 2013.
The board dinged his stock awards to $US12.9 million from $US15.2 million last year. His bonus fell to $US2.5 million from $US4.7 million, according to documents filed with the SEC.
The board trimmed the pay of other top execs, too.
“Based on Cisco’s performance at 95% of target during fiscal 2014, the incentive cash awards paid for fiscal 2014 to the named executive officers were on average 40% less than fiscal 2013,” the company said in its documents.
Cisco had $US47.1 billion in sales in fiscal 2014, missing the company’s target of $US49.5 billion. Its operating income was $US13.4 billion, not the $US14 billion target, reports Bloomberg’s Peter Burrows.
Although Cisco slashed Chambers’ pay compared to last year, he’s still up from his paycheck two years ago, when Cisco paid him $US11.6 million.