Cisco Systems, Inc. (NASDAQ: CSCO) has laid off several hundred workers and named a new Executive Vice President of its Worldwide Operations.
The WSJ has reported that Cisco cut about 250 jobs at the headquarters level. These are supposed to be the first round of layoffs, which are expected to reach about 2,000 employees company-wide.
There is unfortunately a rather sad appointment. Robert Lloyd, 52, is replacing 59-year old Richard Justice who is battling prostate cancer. Justice has been with the company for 12 years and he will remain on as a part-time executive adviser to Chairman and CEO John Chambers.
Cisco stock is indicated up about 1.4% at $14.98 in the pre-market hours. This is still at the bottom of a trading range of $14.20 to $27.72 over the last year.
Jon C. Ogg
February 26, 2009
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