SAN FRANCISCO (AP) — Cisco Systems Inc. is giving some of its employees the option to retire early, a move that it hopes will reduce costs.
Cisco, in the midst of a restructuring, is trying to re-focus on its core business of selling computer networking gear. Cisco spokeswoman Karen Tillman said Thursday that the networking equipment maker is offering voluntary retirement to some employees in the U.S. and Canada. She said the company has made such offers to workers in the past.
"Cisco employs a variety of different methods to control costs and align investment dollars, and offering this voluntary early retirement program to those eligible employees in the US and Canada is part of our ongoing commitment to responsible business management," she said.
The San Jose, Calif.-based company did not disclose eligibility guidelines for early retirement or how many employees the offer encompasses. According to a report in The Wall Street Journal, those eligible include employees aged 50 or older with a combined age and years of service of at least 60 as of July 8.
Cisco shares fell 10 cents to close earlier at $17.29.