Chapter 1. Vaulted: From the Classroom to the Boardroom
On February 5, 2001, Cisco Systems reported what were in many respects historic results. Cisco missed analysts' earnings estimates, and Wall Street marked the end of the tech-driven boom years of the 1990s. After nine years of expansion, the technology sector, and eventually the rest of the U.S. economy, headed into a recession.In essence, the script had been rewritten. Companies that had been flush with growth were now fighting to survive. From a time when investment dollars were chasing bright ideas, the markets had moved to an environment in which investors were seeking accountability. The question was not how to do more; it was how do you do more with much less? After years of keeping revenue ahead of everything, analysts, executives, and shareholders realized that productivity, cash flow, and profitability concerns eclipsed all else. |
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