Cisco Systems Chief Executive John Chambers’ total annual compensation almost doubled, the world’s biggest network equipment maker said in a regulatory filing.
Chambers’ compensation rose to $21.05 million in the year ended July 27 from about $11.7 million a year earlier, Reuters reported.
Sixty-four-year old Chambers has been Cisco’s CEO from 1995. Currently, Cisco is looking for a new CEO.
Cisco has been losing ground in the network securities market for the past few years as competition increased from rivals such as Juniper Networks, Palo Alto Networks and Checkpoint systems. Cisco said in August it was cutting 4,000 jobs to reduce costs and refocus on growth areas.
Around 5 percent job cut at Cisco is not a major concern since Cisco is already facing around 8 percent attrition.
