Current Cisco CEO John Chambers, Chairman of the Board is the world's most outstanding manager of the enterprise, and his leadership skills and crisis management to highly respected people.
Chambers has also faced several difficult situation, the economic crisis in 2000 is one of the first. "When business survival suddenly unpredictable environment, the leader's job is given to such change in reasonable, and to identify leading companies out of the crisis." Chambers Zheyangrenwei. He did.
In 2000, Cisco created the Silicon Valley's growth miracle, the world's highest market value (about 550 billion U.S. dollars) of the company. But soon after the Internet bubble burst, a growing number of Internet companies went bankrupt, corporate customers have also cut technology spending, Cisco emerged as the expected revenue warning, while Chambers was on the slow response of these important information, error The crash is the Cisco judge increase market share, improve inventory opportunities. Because of the outlook remains optimistic about Cisco's massive expansion. To ensure the components do not appear out of stock, Cisco parts suppliers hasty decision to place large orders in advance, and spend 600 million U.S. dollars of interest-free loans to purchase parts on behalf of downstream manufacturers.
In 2001, Cisco's revenue growth from zero to negative growth of 5% (and a year ago, an increase of 58%), the stock fell 73%, from a peak of 80 U.S. dollars to 17 dollars, the market has only the 144 billion U.S. dollars. Chambers found that the situation was serious this time, he immediately called a meeting and Prevention of senior executives to re-examine all aspects of the company.
Later, Chambers recalled that in 2001 the most difficult 51 days: suddenly dispersed investors, company performance plummeted when the Chambers were radical changes. He reluctantly laid off 8,500 people, stop all the acquisition, while 2.2 billion inventory write-off, ending the past practice of lavish, began its dramatic shrinkage front, to integrate the company's business to determine a new strategic direction, to concentrate the focus of the five core markets: optical fiber communications, content, network, wireless communications, high-end routers and core IP network telephone. While this contraction will make Cisco's to lose some market share in non-core products, but to ensure the competitiveness of core products, Cisco's product gross margins began to rise. "51 days, our attention has been focused on the useful side." Chambers said. The same period, Nortel Networks and 3M, is still in the process of hard struggle.
Chambers is responsible for the company's stock price plunged to his salary reduced to one U.S. dollar. This approach to Cisco's employees brought much comfort and encouragement. So many workers have chosen to support understanding of Cisco and Cisco, to lower their own wages to help companies tide over their difficulties.
Through these rapid changes, the Cisco 2003 performance began to rise. Coming out from the crisis has become more disciplined and Cisco Unity abandons the arbitrary aimless investment style, for the acquisition-crazy, set up an emergency brake device: Though the acquisition of Cisco again, but more cautious than before.
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