SAN FRANCISCO (AP) -- Cisco Systems Inc. trimmed CEO John Chambers' pay package for the past fiscal year by 9 percent as concerns about growth at the maker of computer networking equipment weighed on the company's stock.
The value of Chambers' compensation totaled $11.7 million, down from nearly $12.9 million in the previous year, according to documents filed Wednesday with the Securities and Exchange Commission.
Most of Chambers' pay was tied to the future performance of Cisco's stock. That's been the case for most of Chambers' 17-year reign as CEO. That arrangement has worked out well for both Chambers and the company, which is based in San Jose, Calif. Adjusting for stock splits, Cisco's shares have increased 10-fold under Chambers' leadership.