Cisco to slash 4,000 jobs in 'rebalancing' plan
August 14, 2013 08:08 PM ET
IDG News Service - Cisco Systems announced Wednesday it will eliminate about 4,000 jobs, saying it needs to pare down middle management to speed up decision-making and execution.
The company didn't say when or in what regions the cuts would take place, but it expects to incur related costs of about $550 million. About $250 million to $300 million of those costs will be taken in the first quarter of the company's 2014 fiscal year, which began July 28.
Cisco disclosed the "rebalancing" plan during a conference call to discuss its financial results for the quarter just ended. The company posted revenue of $12.4 billion, up 6 percent from a year earlier, and a profit of $2.3 billion, up 18 percent.
In explaining the move, Chairman and CEO John Chambers also cited uneven economic growth around the world but emphasized the need to quickly respond to changes in a fast-moving industry. Small teams are the key to making and carrying out decisions, he said.
More: http://www.computerworld.com/s/article/9241640/Cisco_to_slash_4_000_jobs_in_rebalancing_plan
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often really good people were let go, and some real doozies (DUzies!) were retained - so much politics - then of course there is the effort to chop the higher salaries, so all sorts of great info walks out the door.
I am so, so, so happy to be out of the corporate world, though the daily experience of Dilbert first-hand was kind of hard to replace! I could write a book....but I won't (at least about that stuff)
