Vodafone to slash 11,000 jobs as CEO says company simply didn't do well enough

Date:
Tue, 16 May 2023 08:50:29 +0000

Description:
New Vodafone CEO wants to simplify the telecoms giant, and cutting jobs is part of that plan.

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Vodafone will reduce its staff by 11,000 positions in the next three years, the company revealed in its latest financial results

Vodafone's new CEO Margherita della Valle is looking to simplify the organization, and job cuts are part of that plan, as she claims the companys performance has not been good enough.

The cuts are equal to around 10% of Vodafone's entire workforce, with losses set to come across multiple countries, with Germany and Italy confirmed to be affected alongside the UK. Regaining competitiveness

Previously chief financial officer, Della Valle became Vodafone CEO in
January 2023 after former CEO Nick Read suddenly left his post.

"To consistently deliver, Vodafone must change, she said. "My priorities are customers, simplicity and growth. We will simplify our organization, cutting out complexity to regain our competitiveness." Read more

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When Vodafone decided to give Della Valle the position of CEO, analysts saw
it as a deviation in the companys strategy, Reuters reported at the time. Analysts were expecting someone from the outside, rather than inside the company, to shake things up after Reads seemingly failed attempt at revitalizing the firm.

The company recently reported 45.7 billion in sales, a small rise, but also reported a fall in pre-tax profits, leading analysts to expect a broadly flat financial year for the company.

Vodafone recently confirmed it was in talks with CK Hutchinson, parent comnpany of Three UK , over a merger which could fundamentally change the telecoms landscape in the UK. If the deal comes through, the company will be the worlds biggest mobile operator, counting some 28 million customers.

Vodafone also recently hit the headlines following its move to switch off its 3G signal in some parts of the UK , becoming the first UK mobile phone
network to do so. Check out the best cheap mobile phone plans



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Link to news story: https://www.techradar.com/news/vodafone-to-slash-11000-jobs-as-ceo-says-compan y-simply-didnt-do-well-enough


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