Vodafone Group announced on Tuesday that it will cut 11,000 jobs in the next three years as CEO Margherita Della Valle said that group’s performance has not been “good enough”.
In a statement, the CEO said, “To consistently deliver, Vodafone must change. My priorities are customers, simplicity and growth. We will simplify our organisation, cutting out complexity to regain our competitiveness. We will reallocate resources to deliver the quality service our customers expect and drive further growth from the unique position of Vodafone Business.”
Della Valle was appointed as permanent CEO this month after serving on an interim basis for five months. She also served as the Chief Financial Officer of the group.
The post was vacated after Nick Read stepped down in December last year after the Group saw a steep fall in its share value during his four-year tenure.
Vodafone Group, in the preliminary results for FY23 posted on May 16th, shared action plan to enhance the performance of the company. It pledged to reallocate investments towards customer experience and brand.
The Group stated, “We will change the level of ambition, speed and decisiveness of execution. We will have empowered markets focused on customers, scale up Vodafone Business and take out complexity to simplify how we operate.”
Reuters had reported earlier in the year that the Group had plans to cut around 1,000 jobs in Italy owing to a slowdown. The European Telecom sector has been facing tough times due to soaring energy prices and interest rates.