After Missing Targets, Cisco Cuts John Chambers Pay To $US16.5 Million

Cicso John Chambers Fortune2Fortune Brainstorm TECH 2014Cisco CEO John Chambers

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.

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