Cisco to cut 6,500 jobs, including execs

Cisco Systems Inc. announced that it plans to cut 6,500 employees, as part of efforts to lower costs.

The tech bellwether also said it was moving another 5,000 jobs to Foxconn Technology Group, as part of a sale of its manufacturing facility for set-top boxes in Mexico.

The company said the cuts include 2,100 employees who opted to take part in a voluntary early-retirement program. The plan also includes a 15% reduction of employees at the level of vice president and above.

Cisco also said that it has agreed to sell its set-top box manufacturing facility in Juarez, Mexico to Foxconn Technology. The sale would mean that 5,000 of the facility’s workforce will become Foxconn’s employees in the first quarter of fiscal 2012, according to the company.

From: Market Watch