https://millionsunn.com/stompn-holler/f/the-system-cisco
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Instead, he asked for one day worth of stocks that Chambers received.
And JC told him "you are fired"? No, what happened next?
I have not come across even one CEO who can say i will only take 1$ worth of RSUs/stock options for that year
The $1 Chambers received was debunked. JC received a ton of low priced stock/options/RSU's that completely covered his salary and bonus.
@leb+1u7zP2a0
Oh the pre-Reagan years huh? Like this: https://www.nytimes.com/1979/11/09/archives/ford-gm-laying-off-30000-more-car-makers-cut-production-plans-for.html
I’m not sure Reagan can be responsible for the Carter years.
Spin again.
It is hard to say between JC and CR who is better (or worse) because they both represent the greed of Corporate America. The story of JC taking a $1/year salary was a joke. One time in the company meeting, he described how difficult it was to be Cisco's CEO. He was willing to let anyone try his position for one day and receive his $1/year salary for one day. A guy went up to the stage and volunteered, but this person rejected the offer of one day CEO salary from JC. Instead, he asked for one day worth of stocks that Chambers received.
Well written article and on point. During the company's first layoff in April 2001, we were told in January that the layoff would take place on a specific date in April. To say those 4 months were hellish is an understatement. However, then CEO Chambers, took a $1/year salary for the next two years, which we felt was the right thing to do. CR would gain a little more credibility & respect if he did the same.
P.S. Chambers subsequently fired the SVP of HR because he didn't like how the 4-month wait for the layoff was handled.
Article is proof that Chuck cares only about himself and no one else
100% true. Cisco is plagued by political issues and leadership that seeks to enrich themselves at the expense of employees’ lives. A once respected and glorious company is being run into the ground by these fools. We need to return to the pre-Reagan era when mass layoffs were embarrassing for companies because they highlighted their failure.