Cisco Systems’ Board of Directors adopted a policy that no individual will be eligible to be nominated or renominated for election to the Board of Directors after his or her 70th birthday. In the case of the current Chairman of the Board, John P. Morgridge, age 71, the policy will take effect for nominations for the 2006 Annual Meeting of Shareholders expected to be held November 2006.
Based on the new policy, Vice Chairman Donald T. Valentine and board member James F. Gibbons will not be eligible for renomination for Cisco’s 2005 Annual Meeting of Shareholders in November 2005. Both directors intend to remain on the board through the date of the Annual Meeting, and Cisco expects to reduce the number of authorized directors from 13 to 11 at that time.
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