Updated June 2 with information on Lloyd and Moore’s separation agreements.
In what might be the least surprising news this month — and yes, I realize it’s June 1 — Cisco has announced that Presidents Rob Lloyd and Gary Moore will be leaving the company.
They’ll be out of there as of July 25, according to a Cisco blog entry posted by incoming CEO Chuck Robbins on Monday morning.
Robbins’ blog entry explains that he’s aiming for a flatter leadership team. But really, Lloyd and Moore were assumed by outsiders to be prime candidates to eventually replace John Chambers as CEO. When Robbins got the job, it was pretty easy to predict that neither of the company’s two presidents would stick around.
Cash and accelerated vesting schedules may heal all wounds, though. In return for sticking around another two months (and presumably aiding in a smooth transition), the snubbed execs will get ample golden parachutes. In addition to early access to stock awards scheduled to vest later in 2015 and 2016, each man will get a cash payment equal to 18 months base salary and bonus.
That’s $2.2 million for Lloyd and $2.27 million for Moore, according to regulatory filings.
Robbins, currently Cisco’s senior vice president of operations, will become CEO on July 26, as Cisco’s fiscal year begins.
Lloyd, a 21-year Cisco veteran, is president of sales and development. Moore joined Cisco in 2001, and in 2011 he became the company’s first-ever chief operating officer. Both have posted blog entries of their own today, reflecting on their time at Cisco — Lloyd’s is here, and Moore’s is here.