The British telecommunications group Vodafone has announced 11,000 job cuts in three years, as part of a restructuring plan after a performance considered “not good enough” by the new chief executive Margherita Della Valle who in a note said she wanted to ” simplify the organization to regain our competitiveness».
“Our performance was not good enough. To achieve consistent results, Vodafone must change,” Della Valle said in a statement. “We will simplify our organization, cutting complexity to recover our competitiveness.”
Della Valle was confirmed as CEO in early May after a five-month interim. His predecessor Nick Read stepped down in early December after a four-year tenure marred by a sharp decline in the company’s share price.
He left as Vodafone was in talks to merge its UK operations with Hong Kong-based rival Three UK, owned by CK Hutchison. According to media reports, a deal worth £15 billion ($18.7 billion) is nearing completion.
And for Tim, a sharp drop on the stock market
Tim’s heavy opening in Piazza Affari. The share dropped by 4.66% to 0.25 euro in the aftermath of the indiscretion reported by the Bloomberg agency, according to which CDP would be ready to give up the offer on the fixed network.