Vodafone to cut 11,000 jobs as CEO aims to simplify company
Vodafone has announced its plans to cut 11,000 jobs – around 10% of its global workforce – over the next three years. The telecoms giant will cut jobs at the UK headquarters and in other countries. Vodafone has 12,000 staff in Britain, and 104,000 staff worldwide.
Margherita Della Valle, Vodafone’s new CEO and finance director, stated that the company’s performance has been poor. It’s been a tough few years for Vodafone, the company had already outlined job cuts in Germany and Italy as part of its efforts to address challenges such as higher energy costs and a slowdown in key markets.
The decision to axe jobs comes after Vodafone reported a slight increase in full-year sales to €45.7 billion but a decline in pre-tax profits. The company also projected that earnings for the current financial year would remain relatively flat. Della Valle emphasised the need for change, simplicity, and growth to regain competitiveness. Vodafone’s former CEO, Nick Read, stepped down in December, and under his leadership, the company’s share price had significantly declined.
