TECHNOLOGY / MORE ON TECH : Stock Options Bring Cisco CEO $121 Million
Cisco Systems Inc. Chief Executive John Chambers made nearly $121 million exercising stock options in the last fiscal year, benefiting as shares of the leading Internet equipment maker almost doubled. Chambers also received options estimated to be worth $179.4 million should Cisco shares rise 10% annually during the term of the options, which expires in April 2008, Cisco said in a filing with the Securities and Exchange Commission. In its filing, Cisco asked to increase the number of shares it is authorized to issue to 10 billion from 5.4 billion. Under Chambers, San Jose-based Cisco reached $100 billion in market value faster than any other company. Cisco shares closed down 69 cents at $68.25 on Nasdaq.