Vodafone to cut 11,000 jobs over 3 years, new CEO Margherita Della Valle says 'performance not good'
By Team Newsable | First Published May 16, 2023, 12:59 PM ISTBritish mobile phone giant Vodafone on Tuesday said it planned to axe 11,000 jobs over the next three years as new chief executive Margherita Della Valle seeks a "simpler" organisation.
Vodafone, a global telecommunications firm based in the United Kingdom, intends to eliminate a staggering 11,000 positions in order to streamline and become more efficient. The layoff will be carried out over the next three years as part of the teleco's strategic plan.
The new chief executive Margherita Della Valle said Vodafone will be a leaner and simpler organisation, "to increase our commercial agility and free up resources". "Our performance was insufficient. Vodafone must adapt if it wants to consistently deliver," Della Valle said in a statement.
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The business stated that it will refocus on the fundamentals and provide "the simple and predictable experience" its consumers demand in order to win its consumer markets.
The action plan, according to Vodafone, is centred around three priorities: significant investment reallocated in the upcoming fiscal towards customer experience and brand; 11,000 role reductions planned over three years; and a Germany turnaround plan, continued pricing action, and strategic review in Spain.
The job cuts are the biggest in the history of the group, which employs around 100,000 people. Vodafone said it would generate about 3.3 billion euros of cash this financial year, compared with 4.8 billion euros in the year to end-March it reported on Tuesday, and around 3.6 billion euros expected by analysts.
Margherita Della Valle's predecessor Nick Read stepped down in December last year after a four-year tenure marked by a steep fall in the company's share price.
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