The British telephone group Vodafone announces the layoff of 11,000 jobs in three years, as part of a restructuring plan after a performance considered “not good enough” by the new CEO Margherita Della Valle.
It says it wants to “simplify the organization to regain our competitiveness”, in a results press release for the 2022/2023 financial year that reports a stagnation of revenues at 45.7 billion euros.
Vodafone announced at the beginning of December the departure of the previous leader Nick Read, after four years at the helm of the British telecommunications group, in a context of poor results.
intense restructuring
Margherita Della Valle then acted as interim until her confirmation last month.
Vodafone, a heavyweight in the sector in Europe, has been undergoing a restructuring for several years that has led it notably to refocus on Europe and Africa.
Last week, the operator and Emirates Telecommunications (e&), which became the largest shareholder of the British telephone group a year ago, announced a “strategic association” agreement.
The e& group, which has progressively increased its stake in the British operator over the last year to today reach 14.6% of the capital, is officially designated “Vodafone’s reference shareholder” in a press release.
In early May, press reports pointed to an imminent merger of Vodafone with Hong Kong mobile phone holding company CK Hutchison in the UK for £15bn.
Vodafone, which declined to comment on this information, had indicated in October that it was in talks to merge its activities in the country with Three UK, a subsidiary of CK Hutchison, to join forces in 5G.
Source: BFM TV
