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Get filing alertsCisco appoints Peter Shimer to Board, replaces departing director Daniel Schulman
Filed April 6, 2026 · Period ending March 31, 2026 · ~1 min read
Key Changes
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Peter A. Shimer appointed to Cisco's Board effective April 6, 2026, and named to Audit Committee with independent director status under Nasdaq rules.
Item 5.02 verify on EDGAR → -
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Daniel H. Schulman resigning from Board effective May 21, 2026, citing time demands of his new role as CEO of Verizon Communications—departure is routine and not related to any dispute.
Item 5.02 verify on EDGAR → -
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Shimer receives standard director compensation: pro-rated $105,000 annual cash retainer plus Audit Committee fees and equity award valued at pro-rated portion of $270,000.
Item 5.02 verify on EDGAR →
Summary
Cisco disclosed a routine board transition on April 6, 2026. The company appointed Peter A. Shimer as a new independent director and Audit Committee member, filling the seat being vacated by Daniel Schulman. Schulman's departure, effective May 21, is tied to his new responsibilities as Verizon's CEO rather than any concerns about Cisco's direction or performance.
For retail investors, this is standard corporate housekeeping with minimal impact on operations or strategy. The appointment of an independent director to the Audit Committee maintains governance standards and oversight of financial reporting. Shimer's compensation follows Cisco's established director pay structure.
Watch for Shimer's background details in the next proxy statement to assess what expertise he brings to the board. Board composition changes matter most when they signal strategic shifts or governance concerns—neither appears to be the case here.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On April 4, 2026, the Board of Cisco appointed Peter A. Shimer as a member of the Board effective April 6, 2026. In connection with his appointment, the Board determined that Mr. Shimer is “independent” under the applicable listing standards of The Nasdaq Stock Market LLC. The Board has also appointed Mr. Shimer to serve as a member of the Audit Committee of the Board.
Cisco appointed Peter A. Shimer to its Board of Directors effective April 6, 2026, filling the vacancy created by Schulman's departure. Shimer was determined to be independent under Nasdaq listing standards and was appointed to the Audit Committee, indicating he will have oversight responsibilities for financial reporting and internal controls.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 3, 2026 · How we verify