British telecommunications group Vodafone announced on Tuesday it would lay off 11,000 people over three years as part of a restructuring plan after a new chief executive deemed it “not good enough.”
Margherita Della Veil says she wants to “simplify the organization in order to regain competitiveness” in a statement announcing the results for the 2022/2023 financial year, which reported revenue stagnation at 45.7 billion euros.
Vodafone announced in early December the departure of former leader Nick Reed after four years at the head of the British telecommunications group due to poor performance.
Della Valle took on the role on an interim basis, pending her confirmation as chief executive last month.
Vodafone, a heavyweight in this sector in Europe, has been undergoing a restructuring for several years, with the result that the company, in particular, refocused 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 partnership” agreement.
The e& Group, which has gradually increased its stake in the UK operator over the past year to a 14.6% stake, has been officially named Vodafone’s reference shareholder.