It doesn't look too bad to me. Maybe you can give us just a little bit of history so we can provide the best advice.
Is this plant new to you? How long was it in the soil? Has it experienced any recent changes? What kind of light does it (or will it) get?
As long as the stem is firm I don't think you need to cut it. Otherwise I think Steve's advice would be practical. We can get into details if you like.
