Cisco chief John Chambers gave a frank admission of what he perceives as the firm's weaknesses in an internal memo, admitting the company has lost credibility and that it has been slow to make decisions.
According to Reuters, an internal memo to the company read:
"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."
"Bottom line, we have lost some of the credibility that is foundational to Cisco's success - and we must earn it back. Our market is in transition, and our company is in transition. And the time is right to define this transition for ourselves and our industry."