Here Are Cisco’s Most Highly Compensated Executives In 2023

Cisco’s top five highest-paid executive this year benefited from what the company referred to as a “phenomenal” year thanks to overall revenue growth and a double-digit increase in ARR, which Cisco said is one of its best indicators of its progress towards its software and services transformation.

Cisco Systems CEO Chuck Robbins in a recent regulatory filing called fiscal 2023 a “phenomenal” year for the company, with revenue growth of 11 percent year over year, the highest growth rate for Cisco in more than a decade.

With increases in both its networking and security businesses, as well as within emerging technologies, such as AI, Cisco reported revenue for the full fiscal 2023 year of $57 billion, up 11 percent compared to fiscal 2022. The San Jose, Calif.-based company’s software and subscriptions led to its total annual recurring revenue (ARR) climbing 10 percent to $24.6 billion for the full 2023 fiscal year, which the company called one of the best indicators of its progress towards its business transformation.

With that growth, total compensation for top executives also grew during its most recent fiscal year, mostly in the form of stock awards and non-equity incentive plan compensation.

Cisco’s CEO and CFO were two of the most highly compensated executive officers in the company during the 2023 fiscal year once again, followed by Executive Vice President and Chief Operating Officer Maria Martinez, who moved into third place this year, according to the company’s annual proxy statement. Next up was Executive Vice President, Chief Customer and Partner Officer Jeff Sharritts, followed by the company’s Executive Vice President, Chief Legal Officer, Chief Compliance Officer Dev Stahlkopf.

Here’s a breakdown of the 2023 compensation of Cisco’s top five executives as reported in an Oct. 17 U.S. Securities and Exchange Commission filing and ranked from lowest to highest compensation.

5. Dev Stahlkopf, Executive Vice President, Chief Legal Officer, Chief Compliance Officer

Total Compensation Fiscal 2023: $10,243,857

Stahlkopf became a “named officer” in August 2021 after joining Cisco that summer and took on her current post leading the tech firm’s legal operations. She became an executive officer in 2022. Prior to her time with Cisco, Stahlkopf served as corporate vice president, general counsel and corporate secretary for Microsoft.

Stahlkopf’s salary for the 2023 fiscal year was $705,769 for her first year on the job. She also received stock awards totaling $7.56 million, non-equity incentive plan compensation of $1.96 million and $15,525 in “other compensation” linked to a retirement fund and personal benefits. Her total compensation for the year was $10.24 million compared to the previous year’s $13.28 million, which was largely related the $2.20 million bonus that was part of her new hire compensation package and as consideration for the compensation she forfeited when she left her prior employer in 2021.

4. Jeff Sharritts, Executive Vice President, Chief Customer and Partner Officer

Total Compensation Fiscal 2023: $11,414,234

Sharritts, a Cisco veteran of 23 years, was promoted in 2022 to his current post. He started at Cisco as a partner account manager and has held a variety of roles throughout the company’s sales and channel organizations. Cisco’s Global Partner Organization reports to Sharritts.

Sharritts’ salary for the 2023 fiscal year was $800,000. He also received stock awards totaling $8.38 million, non-equity incentive plan compensation of $2.22 and $15,525 in “other compensation” that was linked to a retirement fund and personal benefits, bringing his total compensation for the year to $11.41 million.

3. Maria Martinez, Executive Vice President, Chief Operating Officer

Total Compensation Fiscal 2023: $15,100,025

Robbins brought on Martinez as executive vice president and chief customer experience officer in April 2018 when the company began emphasizing customer experience and lifecycle services. She moved into her current role as COO in 2021. Prior to her appointment with Cisco, she served as president of customer success at CRM powerhouse Salesforce and had also previously managed Microsoft’s global services business.

Martinez’s salary for the 2023 fiscal year was $869.231 up from $838,461 the prior year. She also received stock awards totaling $11.81 million, non-equity incentive plan compensation of $2.41 million and $13,941 in other compensation that included a retirement fund and personal benefits. All told, her total compensation for the year was $15.10 million compared with $12.55 million the prior year.

2. Scott Herren, Executive Vice President, CFO

Total Compensation Fiscal 2023: $17,549,009

Herren came aboard Cisco in 2020 after spending more than six years as CFO of Autodesk. Since then, he’s been focused on accelerating Cisco’s shift toward a recurring revenue business model and growing the company’s revenues through software and subscriptions.

Herren’s salary for the 2023 fiscal year was $869,231, up from $838,461 in fiscal 2022. Herren also received stock awards totaling $14.20 million, non-equity incentive plan compensation of $2.41 million and $66,417 in “other compensation” that was linked to a retirement fund and personal benefits. It brought his total compensation for the year to $17.55 million compared with $14.61 million the prior year.

1. Chuck Robbins, Chair, CEO

Total Compensation Fiscal 2023: $31,843,708

Robbins, the tech giant’s leader since 2015, has led the company as it transitioned away from being a networking hardware provider to a software and services behemoth with a growing Everything-as-a-Service practice. The company in the last two years has also been ratcheting up its security focus as Cisco takes aim at others in the space for dominance as networking and security become increasingly tied together. The Cisco veteran served as channel chief before joining the C-suite.

Robbins’ salary for the 2023 fiscal year was $1.39 million, the same compared to the prior year. Robbins also received stock awards totaling $24.11 million, non-equity incentive plan compensation of $6.27 million and $78,053 in “other compensation” linked to de minimis incremental catering costs for guests related to use of the corporate aircraft and personal expenses in connection with the attendance of his spouse and other guests at required business trips where the presence of spouses or partners was expected. In addition, Cisco security practices provide that the CEO be driven to and from work by an authorized car service and personal security driver, the proxy said. That brought his total compensation for the year to $31.84 million compared with $29.28 million the prior year.