Cisco Systems (NASDAQ:CSCO) has appointed Pete A. Shimer to its board of directors, while Daniel H. Schulman will step down from the board, according to a regulatory filing.
Schulman informed the company of his decision to resign from the board effective May 21, 2026, citing increased responsibilities in his new role as Chief Executive Officer of Verizon Communications.
Shimer was appointed to the board on April 4, 2026, with his role becoming effective April 6, 2026. The company said he has been classified as an independent director under Nasdaq listing standards and will also serve as a member of the Audit Committee.
As part of his appointment, Shimer will receive Cisco’s standard compensation for non-employee directors, including a pro rata portion of the $105,000 annual cash retainer, along with additional committee fees. The company said directors may choose to receive these payments in cash, stock, or deferred compensation.
He has also been granted an initial equity award under Cisco’s 2005 Stock Incentive Plan, with a grant date fair value based on a pro rata portion of $270,000, aligned with his tenure during the current board cycle.
In addition, Shimer has entered into the company’s standard indemnity agreement, which provides protection to directors to the fullest extent permitted under law.
