British telecommunications group Vodafone announced on Tuesday it will lay off 11,000 people over three years, as part of a restructuring plan, after a performance deemed “not good enough” by its new CEO.
Margherita Della Vale says she wants to “simplify the organization to regain competitiveness”, in a statement announcing the results for the 2022/2023 financial year and reporting the stagnation of revenues at 45.7 billion euros.
Vodafone announced the departure of its former leader, Nick Read, after four years at the head of the British telecommunications group in early December in a context of poor performance.
Della Valle assumed the role on an interim basis until her confirmation as executive director last month.
Vodafone, a heavyweight in the industry in Europe, has been restructuring for several years, which has led the company to focus mainly on Europe and Africa.
Last week, the operator and Emirates Telecommunications (e&), which became the UK’s largest shareholder a year ago, announced a “strategic partnership agreement”.
The e& group, which has gradually increased its stake in the British operator to 14.6% of the capital over the past year, is officially referred to as “Vodafone’s reference shareholder”.
Source: DN
