Full Story
Cisco Systems Adopts New Board of Director Governance Policy
Mandatory Age Limit Initiated for Board Member Nominations
SAN JOSE, Calif., July 15, 2005 - Cisco Systems, Inc. today announced that the Board of Directors yesterday adopted a policy that no individual will be eligible to be nominated or renominated for election to the Board of Directors after his or her 70th birthday. In the case of the current Chairman of the Board, John P. Morgridge, age 71, the policy will take effect for nominations for the 2006 Annual Meeting of Shareholders expected to be held November 2006.
The policy was adopted at a regularly scheduled board meeting, upon recommendation of the board's Nomination and Governance Committee. The Nomination and Governance Committee is comprised of independent board members Donald T. Valentine, Carol A. Bartz, James F. Gibbons and James C. Morgan.
Based on the new policy, Vice Chairman Donald T. Valentine and board member James F. Gibbons will not be eligible for renomination for Cisco's 2005 Annual Meeting of Shareholders in November 2005. Both directors intend to remain on the board through the date of the Annual Meeting, and Cisco expects to reduce the number of authorized directors from 13 to 11 at that time.
"Consistent with similar policies adopted by leading corporations, we've initiated this change to create a more formal timeline for board member changes," said Cisco Chairman John Morgridge. "This provides both the board and our shareholders with a clear roadmap for the natural evolution of our Board of Directors. I look forward to the next year and a half of service to Cisco shareholders, working with the board, senior management and employees to drive the Company's continued industry leadership."
Morgridge further commented, "For more than a decade, I've had the pleasure to serve on the board alongside Don and Jim. They have both contributed significantly to Cisco's success, and the entire Cisco community owes them a debt of gratitude."
About Cisco Governance Policies:
http://investor.cisco.com/phoenix.zhtml?c=81192&p=irol-govHighlights
About Cisco Systems
Cisco Systems, Inc. (NASDAQ: CSCO), the worldwide leader in networking for the Internet, this year celebrates 20 years of commitment to technology innovation, industry leadership and corporate social responsibility. Information on Cisco can be found at http://www.cisco.com. For ongoing news, please go to http://newsroom.cisco.com.
Cisco, Cisco Systems, and the Cisco Systems logo are registered trademarks of Cisco Systems, Inc. and/or its affiliates in the U.S. and certain other countries. All other trademarks mentioned in this document are the property of their respective owners.
