Cisco CEO Chambers Files to Sell Shares
Cisco Systems CEO John Chambers has adopted a plan to sell a combined 2.8 million shares of the company’s shares by mid 2014 in a pre-arranged plan, according to a new filing with the U.S. Securities and Exchange Commission. Chambers will sell 1.3 million shares awarded under a plan approved in 2005 and another 1.5 million shares from other holdings. The shares terminate in September 2014. As of Friday’s closing price of $19.96 a share, the shares would be worth $56 million. Cisco shares fell Friday by more than 1 percent, but have risen by more than 10 percent this year.