2023-05-16 07:52:00
Vodafone will cut its workforce. The British telephony group announced 11,000 job cuts over three years on Tuesday, May 16, as part of a restructuring plan. This occurs in a context where the performance has been estimated “not good enough” by the new general manager Margherita Della Valle. The latter explains thus wanting “simplify the organization to regain our competitiveness”in a press release for the 2022/2023 financial year, which reports stagnant revenue at 45.7 billion euros.
Vodafone announced in early December the departure of the previous leader, Nick Read, following four years at the head of the British telecommunications group, in a context of poor performance. Margherita Della Valle then acted as interim until her confirmation last month. Vodafone, a heavyweight in the sector in Europe, has been carrying out a restructuring for several years which has notably led it to refocus on Europe and Africa.
UK consolidation
Last week, the operator and Emirates Telecommunications (e&), which became the largest shareholder in the British telephony group a year ago, announced an agreement to “strategic partnership”. The e& group, which has gradually increased its stake in the British operator over the past year to 14.6% of the capital, is officially appointed “Vodafone reference shareholder” in a press release.
At the beginning of May, press reports pointed to an imminent 15 billion pound merger of Vodafone with the Hong Kong holding company CK Hutchison in mobile telephony in the United Kingdom. Vodafone, which did not wish to comment on this information, had indicated in October that it was in discussion to merge its activities in the country with Three UK, a subsidiary of CK Hutchison, in order to combine their forces in 5G.
(with AFP)
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