If I were the leadership, I would consider it my personal and professional defeat that most of the best employees left for competitors. Cisco long ago became a nursery of talents. How does our leadership feel about that? I wonder if they ever even think about it, since it is obvious that they are not doing anything to prevent the remaining capable people from going to the competition.
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You have to remember that Cisco is not a technology company. It's basically a pension fund. High dividend, predictable numbers - steady ship. You don't want people that will change the world. You want stead in a business like that.
I'm sure they've discussed the unusual attrition numbers that have plagued Cisco recently. The $1B employee fund is likely one of the results. But shortly after that decision, the ELT succumbs to the comfort of routine and announces LRs, blissfully unaware of the massive hit this causes on employee morale and brand reputation. This ELT has been nothing short of a train wreck. They'll have driven Cisco into the ground without even noticing it.
The leadership is focused on empire building. You don't need competent or loyal employees... just submissive bodies that smile and don't ask for raises
Anyone going to a competitor can easily be replaced.