Jeetu Patel
President and Chief Product Officer at CSCO
Executive
About Jeetu Patel
Jeetu Patel is Cisco’s President and Chief Product Officer, appointed May 14, 2025; he joined Cisco in July 2020 and was 53 at appointment . He holds a B.S. in Information Decision Sciences from the University of Illinois Chicago and has led Cisco’s Security and Collaboration businesses before becoming CPO/President . Performance-linked pay emphasizes multi-year operating goals and relative TSR: PRSUs for the FY2023–FY2025 cycle earned at 138% of target driven by average financial goal performance of 116% and a 119% relative TSR modifier . FY2025 annual cash incentives for named executives were based 90% on company revenue and profit-before-tax (CPF) and 10% on “Purpose” goals; Jeetu’s EIP payout was $1,947,596 with CPF 1.44 and Purpose 1.20 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cisco | President & Chief Product Officer | Appointed May 14, 2025 | Leads end-to-end product portfolio in the AI era; elevated from EVP/CPO |
| Cisco | EVP & Chief Product Officer | Aug 2024–May 2025 | Drove portfolio simplification and innovation across Security and Collaboration |
| Cisco | EVP & GM, Security & Collaboration | Jun 2021–Aug 2024 | Led strategy and P&L for multibillion-dollar businesses |
| Cisco | SVP & GM, Security & Collaboration | Jul 2020–Jun 2021 | Scaled SaaS transformation initiatives |
| Box, Inc. | Chief Product Officer & Chief Strategy Officer | Sep 2017–Jul 2020 | Expanded Box to multi-product platform used by 100K customers and 69% of Fortune 500 |
| Box, Inc. | SVP Platform & Chief Strategy Officer | Aug 2015–Sep 2017 | Built Box Platform business from incubation to mature offering |
| EMC (Syncplicity) | GM & Chief Executive, Syncplicity BU | — | Led EFSS acquisition and growth; early SaaS at EMC |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Jones Lang LaSalle (JLL) | Director | Since 2019 | Current public company board |
| Equinix, Inc. | Director | 2022–May 21, 2025 | Served until May 21, 2025 |
Fixed Compensation
| Metric | FY2025 | FY2026 |
|---|---|---|
| Base Salary | $900,000 (approved schedule; Jeetu’s EIP base used $859,638) | Not increased for FY2026 |
| Target Bonus % (EIP) | 160% of base salary | 160% of base salary (all Purpose factor removed; entirely financial performance) |
| Actual Bonus Paid (EIP) | $1,947,596 (CPF 1.44; Purpose 1.20) | — |
Performance Compensation
Annual Cash Incentive (EIP) – FY2025
| Component | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Company Performance Factor (Revenue & PBT) | 90% | 1.00 | 1.44 | Included in EIP calculation |
| Purpose Factor | 10% | — | 1.20 | Included in EIP calculation |
| Result | — | — | — | $1,947,596 |
Long-Term Equity – FY2025 Awards (granted Sep 19, 2024; plus Dec 3, 2024 incremental RSUs)
| Award Type | Target Shares | Max Shares | Grant Date Fair Value | Vesting |
|---|---|---|---|---|
| PRSUs (FY2025–FY2027) | 150,091 | 300,782 | $8,220,484 | 3-year performance period; relative TSR modifier ±20% capped at target if absolute TSR negative |
| Time-Based RSUs (FY2025) | 150,091 | — | $7,259,902 | 34% at 1-year cliff, then 8.25% quarterly over remaining 3 years |
| Additional Time-Based RSUs (Dec 3, 2024) | 43,030 | — | $2,426,892 | Same vest schedule (34% cliff; 8.25% quarterly) |
Earned PRSUs – FY2023 Awards (Performance Cycle FY2023–FY2025)
| Metric | FY2023 | FY2024 | FY2025 | Average Financial Goal Multiplier | Relative TSR Modifier | Jeetu’s Target PRSUs | Jeetu’s Earned PRSUs |
|---|---|---|---|---|---|---|---|
| Operating goals (Operating Income/Ops Cash Flow/EPS) with TSR modifier | 144% | 90% | 115% | 116% | 119% | 101,943 | 141,124 |
Transformational PRSUs – FY2023 Awards (Product ARR metric)
| Metric | FY2023 | FY2024 | FY2025 | Average Transformational Financial Goal Multiplier | Jeetu’s Target PRSUs | Jeetu’s Earned PRSUs |
|---|---|---|---|---|---|---|
| Product ARR | 91% | 103% | 98% | 97% | 95,947 | 93,387 |
FY2026 Equity Awards (granted Sep 2025)
| Award Type | FY2026 Shares |
|---|---|
| PRSUs | 107,512 |
| Time-Based RSUs | 112,058 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Aug 28, 2025) | 200 shares; <1% of outstanding |
| Options Outstanding | None held by named executives as of July 26, 2025 |
| Stock Vested FY2025 | 177,387 shares; value realized $10,059,941 |
| Unvested RSUs at FY2025 Year-End | 5,975 (2021 grant); 153,201 (2022 grant); 101,379 (2022 grant); 16,821 (2022 grant); 39,460 (2023 grant); 150,091 (2024 grant); 43,030 (Dec 2024 grant); market values per table |
| Unearned PRSUs at FY2025 Year-End | 169,390 (FY2023 PRSUs group); 308,968 (FY2024/FY2025 PRSUs group); market values per table |
| Ownership Guidelines | 4x base salary for executive officers; 5-year attainment; new holding requirement: 25% of net shares until guideline met; 100% if not met by 5 years |
| Compliance Status | As of Oct 17, 2025, all executive officers either exceeded or were on track to comply in the relevant timeframe |
| Hedging/Pledging | Hedging and pledging prohibited under insider trading policy |
Employment Terms
- Appointment: Jeetu Patel appointed President & Chief Product Officer effective May 14, 2025 .
- Agreements: No employment, severance, or change-in-control agreements for executive officers; compensation governed by plans/policies .
- Indemnity: Entered Cisco’s standard indemnity agreement upon appointment .
- Vesting/Acceleration: Equity awards vest fully on death/terminal illness up to specified limits; double-trigger change-in-control protection (no single-trigger vesting) with acceleration if awards are not assumed/replaced by acquirer; quarterly vesting 8.25% post one-year cliff for RSUs .
- Potential Payments/Value on Hypothetical Events (FY2025 year-end stock price $68.69): Change-in-control (awards not assumed or replaced): $48,694,658; Death/terminal illness: $23,335,540 .
- Clawback: Updated October 2023 to comply with SEC rules; applies to all cash and equity incentives received on/after Oct 2, 2023 and prior PRSUs under earlier policy .
Compensation Structure Analysis
- Mix: FY2025 long-term incentives comprised of ~50% PRSUs and ~50% RSUs for NEOs other than CEO; PRSUs fully at risk and modified by relative TSR .
- EIP Design: FY2025 EIP tied 90% to objective financial metrics (revenue and profit before taxes) and 10% to Purpose goals; FY2026 shifts to 100% financial performance, keeping Jeetu’s target at 160% of salary .
- Award Adjustments: Additional Dec 2024 time-based RSUs to align pay with peer median upon promotion to EVP/CPO .
- Governance Safeguards: No single-trigger vesting; no repricing; no excise tax gross-ups; clawback policy; ownership/holding requirements; limited perquisites .
Investment Implications
- Pay-for-performance alignment: High proportion of at-risk equity tied to multi-year operating goals and relative TSR; recent cycles paid above target (138%) reflecting strong operating income/cash flow/EPS and TSR, supportive for long-term shareholder value creation .
- Selling pressure: RSU structure with a one-year cliff followed by 8.25% quarterly vesting creates recurring settlement windows; combined with sizable unvested balances, expect regular transactions for tax withholding/portfolio management, though hedging/pledging bans mitigate misalignment risks .
- Ownership: Reported direct beneficial ownership is de minimis (200 shares), but strict 4x-salary ownership and holding requirements, plus significant unvested equity, partially offset alignment concerns; management states executives are exceeding/on track to comply .
- Retention/change-in-control: No cash severance agreements; retention relies on substantial unvested equity and future awards; potential CoC acceleration value for Jeetu is material ($48.7M) if awards are not assumed, an important consideration in M&A scenarios .
- Execution risk: Role elevation consolidates product leadership; track record in Security/Collaboration and prior Box/EMC experience indicates strong product/operator credentials, especially in AI-driven portfolio strategy .