In a brutally frank memo to the Cisco workforce, CEO John Chambers has said the company has "disappointed our investors" and "confused our employees".
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The networking market-maker has posted sub-par numbers for the past two quarters, and last November Chambers took the unprecedented step of apologising to the market for spooking the shareholders.
In an open letter to the 71,000-strong company, Chambers said: "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 the time is right to define this transition for ourselves and our industry," said the outspoken CEO.
Chambers said he belived that the company's vision and fundamental strategy - particularly in regard to its five priorities - was the right one, and set out the moves that the vendor will make in the near future.
"We will not fix what's not brokenn. There are numerous areas where we're executing incredibly well for our customers and partners. In these areas you will see no disruption," said Chambers.
However, he continued: "We will take bold steps and make tough decisions. With change comes disruption. We will address with surgical precision what we need to fix.
"We will accelerate our leadership across our five priorities [leadership in core routing, switching and services; collaboration; data centre virtualisation and cloud; architectures; and video] and compete to win in the core."
Finally, said Chambers: "We will make it easier for you to work at Cisco as we make it easier for our partners to work with Cisco. We will significantly rework our systems, tools and funding models to do this."