John Chambers, chief executive officer of Cisco Systems, has cashed in more than 2 million stock options that were due to expire.

The shares were worth $38 million, based on Cisco’s recent share prices. The stock (Nasdaq: CSCO) closed at $22.70 on Thursday, down 27 cents.

Chambers has taken $1 a year in salary each of the past two years but has continued to receive options.