The German business has been worrying the British group for a long time.
(Photo: dpa)
London Due to bleak business prospects, the new CEO Margherita Della Valle Vodafone has prescribed a drastic cure. In the next three years, 11,000 jobs would be cut worldwide and the group would be streamlined, she announced on Tuesday. That is about ten percent of all employees. “Our performances were not good enough. We will simplify our organization to regain our competitiveness.”
Della Valle initially took on the job on an interim basis at the turn of the year and was appointed regular CEO of the British mobile operator last month.
In the past 2022/2023 financial year, group sales increased by 0.3 percent to 45.7 billion euros. A weakening German business and increased energy costs pushed the operating result by 1.3 percent to 14.7 billion euros.
The manager has been the regular CEO of the telecommunications giant Vodafone since last month.
(Photo: Vodafone Group)
For 2023/20204, the company expects the inflow of funds to fall by around a third to 3.3 billion euros. Analysts had previously expected 3.6 billion euros.