Cisco Systems 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 e-mail 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 e-mail, he warned staff to to prepare for a number of unspecified changes in the next few weeks and coming fiscal year, starting in August.

Source: Ottawa Citizen

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