Summary by Futu AI
Gary Steele, the President of Go-to-Market at Cisco Systems, Inc. (ticker symbol CSCO), has filed an Initial Statement of Beneficial Ownership of Securities with the SEC, as per a Form 3 document dated May 15, 2024. The filing indicates that Steele beneficially owns 6,447 shares of Cisco's common stock indirectly through a trust. The document, which was signed by Steele's attorney-in-fact Evan Sloves on May 28, 2024, is a requirement under Section 16(a) of the Securities Exchange Act of 1934. This filing is a standard procedure for officers, directors, and certain beneficial owners to report their security holdings in the company, and it provides transparency for investors regarding the ownership stakes of key company insiders.