Cisco's John Chambers sent a memo to employees defending the networking company's strategy while acknowledging it has flaws in "operational execution" and a loss of "accountability."  The 1,490-word e-mail, sent to Cisco employees calls for the company to focus on five areas: routing, switching and services; collaboration; data center virtualization; architectures; and video. Kind of a day late, dollar short I would say Mr. Chambers.  Chambers, Cisco's chairman and chief executive, also asked employees to prepare for a number of unspecified changes in the next few weeks and fiscal year.  Perhaps the man at the helm for so many years is about to initiate his own change of command ceremony?

"We [I] have been slow to make decisions, we [I] have had surprises where we [I] should not, and we [I] have lost the accountability that has been a hallmark of our [my] ability to execute consistently for our customers and our shareholders," Chambers wrote. "That is unacceptable. And it is exactly what we will attack."

Chambers said Cisco had disappointed its investors and confused its employees. "Bottom line, we have lost some of the credibility that is foundational to Cisco's success - and we must earn it back," he wrote. "Some" of the credibility, I would say most of it Mr. Chambers all of it on your watch. Oh and don't forget to explain to everyone just how it is that you stiff your investors and your employees by keeping close to $40 billion off-shore! Not to mention spending $70 billion on buybacks and $35 billion on mysterious company acquisitions. I hate to say it, but this CEO is running a lousy company and has to go. Ask the members of the Board of Directors to Fire John Chambers!