In Brief: Cisco to buy back additonal stock shares

June 8, 2006

Cisco Systems Thursday named a new chairman of the board and authorized a stock repurchase that could be worth up to $5 billion.

The Silicon Valley networking giant said President and Chief Executive Officer John Chambers would succeed 72-year-old John Morgridge, who said he would not seek re-election to the board this year.

The stock buyback adds to a 2001 repurchase authorization worth up to $35 billion, which has retired 1.8 billion shares of common stock valued at $32.6 billion.

Company officials said the buyback was seen as a good way to optimize value to shareholders.

"Our share repurchase program allows us to return cash to our shareholders, while at the same time provides the flexibility to aggressively invest in the business for additional growth and differentiation within our overall corporate strategy," intoned Chief Financial Officer Dennis Powell.

Copyright 2006 by United Press International

Explore further: China search engine Baidu plans $1.0 bn share buy-back

Related Stories

United Technologies posts lower 2Q revenue, profit

July 21, 2015

United Technologies Corp. posted second-quarter declines Tuesday in revenue and profit as a strong dollar cut exports. It also reduced its 2015 outlook on Otis elevator sales in Europe and China's slowing economy.

Former Qualcomm executive sent to prison for insider trading

June 26, 2015

A former Qualcomm Inc. executive was sentenced Friday to 18 months in prison and fined $500,000 for an insider trading scheme to profit off the wireless technology company's confidential information and then covering up his ...

Recommended for you

Netherlands bank customers can get vocal on payments

August 1, 2015

Are some people fed up with remembering and using passwords and PINs to make it though the day? Those who have had enough would prefer to do without them. For mobile tasks that involve banking, though, it is obvious that ...

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.