Vodafone has said it will cut around 11,000 jobs over the next three years in a bid to streamline its headquarters and local markets.
Speaking on the matter, Group Chief Executive Margherita Della Valle said that their performance has not been good enough.
“To continue to deliver, Vodafone must transform. My priorities are customers, simplicity and growth. We will simplify our organization while reducing complexity to regain our competitiveness.”
Vale, who was appointed permanent CEO earlier this month five months after Nick Reid resigned as CEO in early December, said: “We are reallocating resources to deliver the quality service our customers have come to expect. and will grow further from the unique position of the Vodafone business.”
Vodafone said it has an action plan already underway, focused on three priorities – significant investment in FY24 for customer experience and brand, plan to cut 11,000 roles over three years and Germany turnaround plan, sustained value Scheduling Action and Strategic Review in Spain.
“We will transform the level of ambition, speed and decisiveness of execution. We will have a focus on customers, empowering markets, growing the Vodafone business and removing complexity to simplify how we operate,” the company said. do.”
Group revenue rose 0.3 per cent to EUR 45.7 billion in FY23, which was offset by growth in Africa and higher equipment sales, lower European service revenue and unfavorable exchange rate movements. There was a significant decrease in net debt by 33.4 billion euros.
The company said, “We will become a leaner and simpler organization to enhance our business agility and free up resources. We will focus our resources on a portfolio of products and geographies that are right-sized for growth and returns over time.” “
,With inputs from IANS,
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