Cisco Offers Some U.S., Canadian Employees Early Retirement
Cisco Systems Inc. (CSCO), the largest maker of computer-networking equipment, is offering early- retirement packages to some employees in the U.S. and Canada in an effort to control costs.
The move reflects “our ongoing commitment to responsible business management,” San Jose, California-based Cisco said today in an e-mailed statement.
Chief Executive Officer John Chambers has promised to make “targeted moves” to sharpen the company’s focus after branching out into more than 30 side businesses. One of the first steps came earlier this month, when Cisco announced plans to close its Flip video-camera business and cut 550 jobs.
Investors expect Cisco to sell more of its consumer businesses, consolidate operations and shake up its management structure as part of the changes, Tal Liani, an analyst at Bank of America Merrill Lynch, said in a note today.
The company didn’t specify how many workers it expected to take the packages or how much would be saved.
To contact the editor responsible for this story: Thomas Giles at email@example.com