Cisco sets age limit for board members, Morgridge to retire in 2006
Marguerite Reardon writes in C|Net News:
Cisco Systems, the largest maker of networking equipment in the world, has set a maximum age limit for members on its board of directors, the company said Friday.
The new policy bars people 70 and older from being nominated or renominated for election to the board. This means that the current chairman, John P. Morgridge, 71, will retire from the board in November 2006, when his term is completed.
Morgridge joined Cisco in 1988 as president and CEO. He served in that position until early 1995, when John Chambers became president and chief executive. At that point, Morgridge took on the role of chairman.
During his years as chief executive, Morgridge grew Cisco's annual sales from $5 million to over $1.2 billion and led the company toward its 1990 initial public offering.
posted by Fergie @ 7/15/2005 08:59:00 AM
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