For years, Vodafone, one of the main telecommunications companies in Europe, has been conducting a restructuring process that prompted it, on Tuesday, to announce the abolition of 11,000 jobs over a period of three years, as part of a plan described by the new general manager, Margherita Della, as aimed at “simplifying the company to restore its ability to compete.” “.
British telecoms group Vodafone announced Tuesday that it will cut 11,000 jobs over three years as part of a restructuring plan, after a performance that new managing director Margherita della Vallée described as “not good enough”.
She stressed that she wanted to “simplify the company to restore its ability to compete.” And her words came in a statement about the results of the fiscal year 2022-2023, which showed a stagnation in revenues at 45.7 billion euros.
And Vodafone announced in early December the departure of its former general manager, Nick Reid, who spent four years at the helm of the group, which was recording faltering performance. Dela Vallee held the acting post until she was confirmed last month.
Vodafone, one of the main telecom companies in Europe, has been undergoing a restructuring process for years, which has prompted it to refocus its activities on Europe and Africa.
And last week, Vodafone and the Emirates Telecommunications Group (Etisalat), which became the majority shareholder in the British group a year ago, announced a “strategic partnership” agreement.
Etisalat gradually increased its shareholding in the British company a year ago to reach 14.6% of the capital. Vodafone shares, which are listed on the London market, also fell by more than 4 percent by 09:11 GMT, affected by the news of job abolition in the company, to reach the level of 86.4 pounds per share ($ 108.2).
