Here Are Cisco’s Most Highly Compensated Executives In 2022
Cisco’s chief partner officer, who was promoted in June, and the company’s new chief legal officer joined the ranks of the tech giant’s top-compensated executives in fiscal year 2022.
Hard Work Paying Off
Cisco Systems in its 2022 proxy filing last week made it clear that it linked pay to performance related to furthering the transformation of the company’s business model, a journey the company has been on for the past several years.
The tech giant went full steam ahead during its 2022 fiscal year when it launched two of its first Cisco Plus Everything-as-a-Service offerings, Hybrid Cloud and Secure Connect Now. The company has been steadily increasing the amount of subscription-based services it offers. In fiscal 2022, total subscription revenue, including services sold as subscriptions, accounted for $22.4 billion and represented 43 percent of Cisco’s total revenue. Subscription revenue is driving annual recurring revenue, or ARR, which Cisco said is one of the best indicators of its progress in its business transformation.
And it’s not just a few business segments that are responsible for this shift the historically hardware provider is making. All hands are on deck and it’s starting right at the top. In fact, at least three—arguably more, if you count chairman and CEO Chuck Robbins who is leading the charge—of Cisco’s top six highest-paid executives are focused on software, life cycle and customer experience.
Cisco’s CEO and CFO were two of the most highly compensated executive officers in the company during the 2022 fiscal year, followed by Chief Sales and Marketing officer Gerri Elliott, who officially retired in May, and Executive Vice President and Chief Customer Experience Officer Maria Martinez, according to the company’s annual proxy statement.
Also joining the list this year is Dev Stahlkopf, executive vice president and chief legal officer, who came aboard in 2021, and Cisco veteran Jeff Sharritts, who was promoted to executive vice president and chief customer and partner officer in June.
Here’s a breakdown of the 2022 compensation of San Jose, Calif.-based Cisco’s top six executives as reported in its U.S. Securities and Exchange Commission filing last week and ranked from lowest to highest compensation.