Cisco Systems Inc. filed SEC Form 8-K: Leadership Update
$CSCO
Computer Communications Equipment
Telecommunications
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 9, 2025
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. | ||||
Appointment of Officer; Departure of Officer
On May 9, 2025, Scott Herren notified Cisco Systems, Inc. (“Cisco”) of his decision to retire as Executive Vice President and Chief Financial Officer of Cisco effective July 26, 2025. Mr. Herren will remain employed by Cisco as an Executive Advisor through May 1, 2026. On May 10, 2025, Cisco appointed Mark Patterson to succeed Mr. Herren as Executive Vice President and Chief Financial Officer of Cisco effective July 27, 2025. Mr. Patterson currently serves as Executive Vice President and Chief Strategy Officer of Cisco.
On May 10, 2025, Cisco also appointed Jeetu Patel as President and Chief Product Officer effective May 14, 2025. Mr. Patel currently serves as Executive Vice President and Chief Product Officer of Cisco.
Mr. Patterson, 55, joined Cisco in September 2000. Mr. Patterson has served as Cisco’s Executive Vice President and Chief Strategy Officer since March 2024, as Senior Vice President, Chief of Staff to the Chair and CEO from October 2018 until March 2024, as Senior Vice President, Strategy, Planning, and Operations for Worldwide Sales and Marketing from July 2015 until October 2018, and in various other leadership and finance roles at Cisco since 2000.
Mr. Patel, 53, joined Cisco in July 2020. Mr. Patel has served as Executive Vice President and Chief Product Officer since August 2024, as Executive Vice President and General Manager, Security and Collaboration from June 2021 until August 2024, and as Senior Vice President and General Manager, Security and Collaboration from July 2020 until June 2021. Prior to joining Cisco, Mr. Patel was the Chief Product Officer and Chief Strategy Officer at Box, Inc. from September 2017 until July 2020, and as Senior Vice President of Platform and Chief Strategy Officer from August 2015 until September 2017. Mr. Patel's previous roles included serving as General Manager and Chief Executive of the Syncplicity business unit of EMC Corporation (now part of Dell Technologies Inc.). Since 2019, Mr. Patel has served as a member of the board of directors of Jones Lang LaSalle Incorporated. In 2022, Mr. Patel joined the board of directors of Equinix, Inc. and serves on its board of directors until May 21, 2025.
In connection with their respective appointments, Mr. Patel has entered into, and Mr. Patterson is expected to enter into, a standard form of Indemnity Agreement with Cisco which provides for indemnification of an indemnitee to the fullest extent permitted by law. The foregoing description of the Indemnity Agreement does not purport to be complete and is qualified in its entirety by the full text of the form of Indemnity Agreement, which was filed with the Securities and Exchange Commission on January 25, 2021 as Exhibit 10.1 to Cisco’s Current Report on Form 8-K.
Certain Relationships and Transactions with Related Persons
A daughter of Mr. Patterson is employed by Cisco as an account manager in Cisco’s sales organization. Mr. Patterson’s daughter received total compensation of approximately $286,077 for fiscal year 2024. The total compensation includes salary, commissions, and other compensation.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CISCO SYSTEMS, INC. | ||||||||||||||
| Dated: May 14, 2025 | By: | /s/ Evan Sloves | ||||||||||||
| Name: | Evan Sloves | |||||||||||||
| Title: | Secretary | |||||||||||||