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Cisco cuts 6,500 employees
Cisco cuts 6,500 employees

After Cisco Systems stock plunged more than 20% this year, investors are looking for a big change -- and the networking giant is hoping to deliver just that through a massive restructuring.

In the process, Cisco is handing out pink slips to 6,500 employees.

Those cuts include 2,100 workers who volunteered for early retirement packages and the downsizing of senior management, as Cisco trims its number of workers at the vice president level and above by 15%.

Cisco is also selling its manufacturing facility in Juarez, Mexico to Foxconn -- a Chinese company best known for manufacturing Apple's iPhone and iPad. As part of that sale, an additional 5,000 Cisco employees will be transferred to Foxconn.

Last updated August 03 2011: 12:30 PM ET
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