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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read Washington braces for shutdown amid budget impasse 10:10am EDT Cantor says White House increasing odds of shutdown 10:24am EDT WRAPUP 1-Japan nuclear plant operator says may have slowed radioactive leak 11:17am EDT Geithner warns U.S. to hit debt ceiling by May 16 04 Apr 2011 Obama warns shutdown would hurt economy 4:57pm EDT Discussed 107 Obama authorizes secret support for Libya rebels 103 Obama to set ambitious goal to curb U.S. oil imports 102 U.S. to reach debt limit by May 16: Geithner Watched Monkeys trash car in UK safari park Tue, Mar 22 2011 Southwest jet had pre-existing fatigue Sun, Apr 3 2011 Miracle dog reunited with owner Mon, Apr 4 2011 Exclusive: Cisco chief vows to restore "flawed" company Tweet Share this By Rob Cox and Robert Cyran, Reuters Breakingviews NEW YORK (Reuters) - Cisco Systems Inc (CSCO.O) chief John Chambers, in a remarkably candid memo to employees, admitted the one-time technology bellwether and Wall Street darling has lost its way... Email Print Related News Nasdaq index rebalancing slashes Apple's influence 4:20pm EDT REFILE-Google's Page presages bolder era; some uneasy Mon, Apr 4 2011 Cisco to pay first-ever quarterly dividend Fri, Mar 18 2011 UPDATE 4-Cisco to pay first-ever qtrly dividend of 6 cts Fri, Mar 18 2011 Exclusive: Goldman cuts 5 percent of trading desk: sources Fri, Mar 18 2011 Analysis & Opinion Tales from tennis’ fifth major Deals wrap: Singapore Exchange’s ASX bid in trouble Related Topics Technology » Stocks John Chambers, Chairman and Chief Executive Officer of Cisco, participates in a panel discussion titled ''Enhancing Access to Modern Technology,'' at the Clinton Global Initiative, in New York, September 23, 2010. Credit: Reuters/Chip East By Rob Cox and Robert Cyran, Reuters Breakingviews NEW YORK | Tue Apr 5, 2011 2:54pm EDT NEW YORK (Reuters) - Cisco Systems Inc (CSCO.O) chief John Chambers, in a remarkably candid memo to employees, admitted the one-time technology bellwether and Wall Street darling has lost its way and will need to change to restore its credibility. Chambers, one of Silicon Valley's most respected corporate chieftains, confessed in an internal email that the networking giant had been slow to make decisions, fallen down on execution and lacked discipline in an aggressive expansion. In a 1,490-word email on Monday, he warned staff to prepare for a number of unspecified changes in the next few weeks and coming fiscal year, starting in August. The long-serving CEO, who has apologized repeatedly to shareholders for missing Wall Street's targets, confessed his company let investors down and confused its own employees. "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 wrote. "That is unacceptable. And it is exactly what we will attack." Cisco's last two quarterly results disappointed the market. In November, the company announced sales growth would be lower than analysts expected. In February, it warned of dwindling public spending and weaker margins from tough competition. The shares have lost a third of their value over the past 52 weeks. "Bottom line, we have lost some of the credibility that is foundational to Cisco's success - and we must earn it back," he wrote. "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." PROGNOSTICATIONS FLAWED Chambers called on the company to focus on five areas: routing, switching and services; collaboration; data center virtualization; architectures; and video. In Tuesday afternoon trading, Cisco shares gained more than 2 percent to $17.41, galvanized by a rebalancing of the Nasdaq 100 that lent a higher weighting to the company's stock. Chambers is considered one of Silicon Valley's foremost prognosticators, whose views on industry trends are invariably taken seriously. He was one of the first to warn of the impact of the financial crisis on the sector in late 2007. In his memo, however, he confessed the networking giant had been sideswiped somewhat of late. In past years, with the likes of Hewlett Packard Co (HPQ.N), China's Huawei Technologies Co Ltd HWT.UL and Oracle Corp (ORCL.O) increasingly coming to the fore or reworking themselves into one-stop hardware-software outfits, the company has seen its dominance in networking come under attack. Heightened competition has pressured profitability. Gross margins slipped to 62.4 percent in the fiscal second quarter from 64.3 percent and the company's third-quarter earnings-per-share outlook fell short of average projections. Cisco has also expanded in past years away from its traditional strengths in routers and switches, and into areas such as set-top boxes and consumer devices -- moves some analysts said detracted from its core business. 1 2 Next Technology Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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