Cramer Shames Cisco CEO John Chambers
With Cisco Systems having reported its third "blown" quarter in a row, Cramer on Thursday said CEO John Chambers needs to hold himself more accountable.
Chambers told CNBC Thursday that he "underestimated" the slowdown in several of the computer networking company's businesses, which caused it to lower its quarterly outlook. The company posted solid fiscal third-quarter earnings, but gave a weak fourth-quarter outlook due to restructuring costs and lower sales in its public-sector and switching business.
Chambers spoke with CNBC's Mark Haines and Simon Hobbs in a live interview. Cramer praised his colleagues for holding Chambers' feet to the fire. He was disappointed, however, in how Chambers handled the interview. To Cramer, it seemed as though he wasn't holding himself accountable. He thought Chambers was on "high-end defensive," which wasn't appropriate being as his company has now reported three weak quarters in a row.
Cramer stopped short of saying Chambers should resign, but did say someone else should come "off the bench" and lead the company.
—Margo D. Beller and Reuters contributed to this report
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