Vodafone, the CEO: “Revenues are too low” and are sending 11,000 people home
The British Telephone Group Vodafone announced 11,000 job cuts over three years as part of a restructuring plan after a performance deemed “not good enough” by the new chief executive Margaret of the Valley.
The manager said she wanted to “simplify the organization to regain competitiveness”. The results for the 2022/2023 financial year show revenues stagnating at €45.7 billion.
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“Our performance has not been good enough. To achieve consistent results, Vodafone it has to change,” he said Of the valley in a statement. “We will simplify our organization, cutting complexity to recover our competitiveness”, added the top manager, who was confirmed as CEO at the beginning of May after a five-month interim.
Its predecessor Nick Read he resigned in early December after a four-year term marred by a sharp drop in the company’s stock price. He left office when Vodafone was in talks to merge its UK operations with its rival Three UKowned by CK Hutchison, based in Hong Kong. According to media reports, a deal worth £15 billion ($18.7 billion) is nearing completion.
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