In Brief: Cisco to buy back additonal stock shares

Jun 08, 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: Smartphone domination pretty close to complete

add to favorites email to friend print save as pdf

Related Stories

Ex-Qualcomm exec pleads guilty to insider trading

Jul 21, 2014

A former high-ranking executive of US computer chip giant Qualcomm pleaded guilty Monday to insider trading charges, including trades on a 2011 deal for Atheros Communications, officials said.

Marathon Petroleum buys Hess stations for $2.87B

May 22, 2014

Marathon Petroleum will spend $2.87 billion to acquire the retail operations of Hess, the largest chain of company operated gas stations and convenience stores on the East Coast.

Recommended for you

Apple chief Cook to give his wealth away: Fortune

3 hours ago

Apple chief Tim Cook is joining Mark Zuckerberg, Bill Gates and other technology titans who have vowed to donate their wealth to charities, according to a report in Fortune magazine.

BlackBerry tops 4Q profit forecasts

8 hours ago

BlackBerry posted a surprise profit in the fourth quarter, but saw a sharp drop-off in revenue as the once-iconic smartphone company said it reached the halfway mark of its turnaround effort.

User comments : 0

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.