British telecoms group Vodafone today announced 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 chief executive.
Margherita Della Vale says she wants to “simplify the organization to regain competitiveness,” in a statement announcing the results for the 2022/2023 fiscal year and reporting stagnant revenues at 45.7 billion euros.
Vodafone announced in early December the departure of the previous leader, Nick Read, after four years at the head of the British telecom group against a background of poor performance.
Della Valle took over the role on an interim basis, until her confirmation as executive director last month.
Vodafone, the industry heavyweight in Europe, has been restructuring for several years, which has led the company, in particular, to refocus on Europe and Africa.
Last week, the operator and Emirates Telecommunications (e&), which became the largest shareholder in the British telephone group a year ago, announced a “strategic partnership” agreement.
The e& group, which has gradually increased its stake in the British operator over the past year to 14.6% today, is officially designated a “Vodafone reference shareholder.
