A very good move!
OAM
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Cisco's recent decision to set an age limit for its directors is reflective of a trend.
Computer-equipment supplier Cisco Systems Inc. has announced that individuals age 70 or older will no longer be eligible for nomination or renomination to the company's board of directors. "This provides both the board and our shareholders with a clear roadmap for the natural evolution of our board of directors," said chairman John P. Morgridge, in a statement.
Based on the new policy, vice chairman Donald T. Valentine and board member James F. Gibbons will not be eligible for renomination at this year's annual meeting, in November. Valentine and Gibbons intend to remain on the board until that meeting, when Cisco expects to reduce the number of directors from 13 to 11.
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