John Chambers emerged as a Silicon Valley legend in the 1990s as CEO of Cisco Systems. He sat down with The Examiner's benpimentel to give insight on the spate of major tech layoffs, the rise of AI and Elon Musk’s controversial acquisition of Twitter.
John Chambers emerged as a Silicon Valley legend in the 1990s as CEO of Cisco Systems, the San Jose technology company.
“I thought people would learn from the playbook for a downturn, the same playbook that I ran in 2001, 2008,” he told The Examiner. “It's very basic, and yet most companies didn't do it.” COVID was a surprise. The stock market started down 15 months ago. By the time you're six months into a major market downturn, and you have all these other complexities going, to still spend at double the expense rate of your revenues , that is a mistake. That really surprised me. That surprised me at the CEO level, but also at the board level. You had some big companies in the last month alone state, very frankly, that they were too optimistic.
No, I do not. You and I talked about this before: it's an architectural play in tech. Every company, regardless if you’re in manufacturing or health care or government or defense, is going to become a tech company. That's become even more true with digitization. I know of almost no CEOs who don't think that their company has to become a digital company. And tech is at the heart of that digitization.It will end up that not everybody works from home. Remote work works very effectively.
AI will create a huge number of jobs in every industry. But it will have tremendous productivity, which will eliminate other jobs. Will the net be positive? Absolutely in my opinion. First, I want to give tremendous credit to Elon Musk. He is an innovator. He's a disrupter. He has confidence and he goes for it. And I'd be careful about ever betting against him.
There's a lot of talk about the end of globalization, that the trends that have been dominant over the last 20, 30 years are ending and something else is replacing it. Do you agree? The current generation of workers have never seen an economic slowdown for 12 years. If your average age in these companies is below 30, it means almost all the employees have not seen it.
People realize that when you jump to a new company, guess who are the first people to get laid off? Especially if you're working remotely. Nobody knows them. And they were also often the most expensive. Now back to the bigger picture. Silicon Valley is really challenged. It is not necessarily a good place anymore to do a startup. It is not business-friendly, not tax-friendly, not “ease of doing business”-friendly in terms of the rules and regulations. And it is tremendously expensive. The golden goose is gone. You've slaughtered it before you realize what happened.
It's important to do what's right on social issues, and to do what's right on business, economic issues. But you shouldn't impose your views on your employees or on others. When you do, technology gets into real trouble. There's been a lot of people that have tried to impose their views of Silicon Valley on the rest of the nation.
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