Cisco, the prominent U.S. tech and networking firm, has announced another round of substantial layoffs in 2024, marking its second major workforce reduction of the year.
In August, the company revealed plans to cut about 5,600 positions, which represents a 7% reduction in its global workforce. This follows an earlier downsizing in February, when Cisco laid off approximately 4,000 employees.
According to reports from TechCrunch, Cisco had delayed informing employees about the layoffs until September 16, sparking frustration and contributing to a perception of a deteriorating work environment. One employee described Cisco as having become the “most toxic environment” they had ever experienced.
The recent layoffs have also impacted Talos Security, Cisco’s division dedicated to threat intelligence and security research. Despite these cuts, Cisco emphasized that the layoffs were part of a strategy to “invest in key growth opportunities and enhance operational efficiencies.” On the same day, Cisco released its annual earnings report, highlighting 2024 as its “second strongest year on record,” with nearly $54 billion in revenue.
Chuck Robbins, Cisco’s CEO, earned nearly $32 million in total compensation for 2023, according to company filings. However, there has been no comment from Cisco regarding whether the executive team will adjust their compensation in light of the recent workforce reductions.
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