 Moving swiftly on Thanksgiving Day, Cisco terminated the employment of Carlos Carnevali - the pioneer who developed Cisco's tremendous Latin America success.
An internal investigation by Cisco has found that Carnevali failed to comply with Cisco's Code of Business Conduct by pursuing a personal agenda for his own benefit, causing significant harm to Cisco. Cisco's culture and integrity demand that any additional Cisco employees who have violated Brazilian law or Cisco's Code of Business Conduct, be dealt with severely. |
Cisco will continue to work closely with Brazilian authorities to fully understand the situation in Brazil.
Cisco intends to continue to grow its commitment and business in Brazil, and remains fully committed to doing business in Brazil, as well as to its employees, customers, partners, shareholders and operations in the country.
Brazil is a vibrant and important market for Cisco and will continue to play an important role in Cisco's regional plans.
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