Cisco CEO John Chambers has vowed to restore the company's lost credibility in an internal email to employees.
According to a report on Reuters, Chambers, one of the most respected Silicon Valley bosses, admitted that the company was slow in making decisions, lacked discipline in expanding to new markets and had poor operational execution.
“We have been slow to make decisions, we have had surprises where we should not, and we have lost the accountability that has been a hallmark of our ability to execute consistently for our customers and our shareholders. That is unacceptable. And it is exactly what we will attack,” Chambers wrote in the email.
The CEO revealed that the company will be going through unspecified changes in the coming few weeks as a part of his efforts to help the company regain its credibility.
Cisco's blind acquisitions and aggressive expansions to new markets and pressuring competition from rivals like Hewlett Packard and Juniper Networks, have left Cisco struggling to meet market expectations in the last four quarters.
Cisco, in the last two quarters, has failed to meet analyst expectations. Back in November, the company informed that it won't be able to meet the sales figures analysts had estimated while in February it announced that intense market competition will lead to lower profit margins.