cisco-annual-report-2021

Mr. Herren joined Cisco in December 2020 and serves as our Executive Vice President and Chief Financial Officer. Prior
to joining Cisco, Mr. Herren served as Senior Vice President and Chief Financial Officer of Autodesk, Inc. (“Autodesk”)
since November 2014. Prior to joining Autodesk, Mr. Herren served as Senior Vice President of Finance at Citrix Systems,
Inc. (“Citrix”) from September 2011 to October 2014, and in a variety of other leadership roles after joining Citrix in March
2000, including as Vice President and Managing Director for EMEA and Vice President and General Manager of Citrix’s
virtualization systems group. Before joining Citrix, Mr. Herren spent over 15 years in senior strategy and financial positions at
FedEx Corporation and IBM.
Ms. Martinez joined Cisco in April 2018 and served as our Executive Vice President and Chief Customer Experience Officer
until her appointment as our Executive Vice President and Chief Operating Officer in March 2021. Prior to joining Cisco,
Ms. Martinez served in a variety of senior executive roles at salesforce.com, inc. (“Salesforce”), including as President, Global
Customer Success and Latin America from March 2016 to April 2018; President, Sales and Customer Success from February
2013 to March 2016; Executive Vice President and Chief Growth Officer from February 2012 to February 2013; and as Executive
Vice President, Customers for Life from February 2010 to February 2012. Ms. Martinez’s experience prior to Salesforce includes
serving as Corporate Vice President of Worldwide Services at Microsoft, President and Chief Executive Officer of Embrace
Networks, Inc. and various senior leadership roles at Motorola, Inc. and AT&T Inc./Bell Laboratories. Ms. Martinez is a member
of the board of directors of McKesson Corporation (since 2019).
Ms. Stahlkopf joined Cisco in August 2021 and serves as our Executive Vice President and Chief Legal Officer. Prior to joining
Cisco, Ms. Stahlkopf spent 14 years at Microsoft, where she served most recently as Corporate Vice President, General Counsel
and Corporate Secretary, Corporate, External and Legal Affairs from April 2018 to July 2021. Ms. Stahlkopf also served in other
leadership roles at Microsoft, including as Vice President and Deputy General Counsel from December 2015 to April 2018 and
as Associate General Counsel from December 2010 to December 2015. Prior to joining Microsoft, Ms. Stahlkopf practiced law
at Perkins Coie LLP and Cooley Godward LLP.
Item 1A.
Risk Factors
Set forth below and elsewhere in this report and in other documents we file with the SEC are descriptions of the risks and
uncertainties that could cause our actual results to differ materially from the results contemplated by the forward-looking
statements contained in this report.
Risks Related to our Business and Industry
Our business, results of operations and financial condition have been adversely affected and could in the future be
materially adversely affected by the COVID-19 pandemic.
The COVID-19 pandemic and the resulting containment measures have caused economic and financial disruptions globally, including
in most of the regions in which we sell our products and services and conduct our business operations. In the second half of fiscal 2020,
the COVID-19 pandemic had an impact on our financial results and business operations, with a significant impact in the third quarter
of fiscal 2020 on our supply chain where we saw manufacturing challenges and component constraints. We continue to address these
supply chain challenges and cost impacts, which we expect will continue at least through the first half of fiscal 2022 and potentially
into the second half of fiscal 2022. The magnitude and duration of the disruption, its continuing impact on us, and resulting decline in
global business activity is uncertain. These disruptions include the unprecedented actions taken to try to contain the pandemic such as
travel bans and restrictions, business closures, and social distancing measures, such as quarantines and shelter-in-place orders.
The COVID-19 pandemic and the responsive measures taken in many countries have adversely affected and could in the future
materially adversely affect our business, results of operations and financial condition. Shelter-in-place orders and other measures,
including work-from-home and other policies implemented to protect workers, has and could in the future impact our supply chain.
Such disruptions may continue, or worsen, in the future. In addition, current and future restrictions or disruptions of transportation,
such as reduced availability of air transport, port closures, and increased border controls or closures, can also impact our ability to meet
customer demand and could materially adversely affect us. Our customers have also experienced, and may continue to experience,
disruptions in their operations, which can result in delayed, reduced, or canceled orders, and increased collection risks, and which
may adversely affect our results of operations. The COVID-19 pandemic may also result in long-term changes in customer needs for
our products and services in various sectors, along with IT-related capital spending reductions, or shifts in spending focus, that could
materially adversely affect us if we are unable to adjust our product and service offerings to match customer needs.
The recent shift to a remote working environment also creates challenges. For example, governmental lockdowns, restrictions
or new regulations has and could in the future impact the ability of our employees and vendors to work with the same speed and
productivity in certain areas, even as other areas do not see negative impact. The extent and/or duration of ongoing workforce
13