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Cisco (Nasdaq: CSCO) CEO John Chambers sent a message to all of the company's staff members addressing the state of the company and promising upcoming changes in its operations, according to a posting on Cisco's website.
In the letter, the chief executive said Cisco had "disappointed" investors and "confused" its employees. According to Chambers, the company has a sound strategy, but aspects of Cisco's operational execution were lacking.
"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," Chambers said in the letter. "That is unacceptable. And it is exactly what we will attack."
Chambers said the company will refocus to see success in its core markets, while also simplifying the way it works and how it focuses attention and resources. To do so, he said Cisco will rework its systems, tools and funding models.
According to media outlet Telecom Paper, Cisco's share price dropped 35% in the past 12 months, and the company has had disappointing earnings reports. Telecom Paper also noted that the company was criticized for expanding into markets outside its core networking business.