Vodafone to cut 11 000 jobs
new CEO, Margherita Della Valle, said earnings this year will be largely flat as the company slashes jobs and simplifies its corporate structure.
Earnings before interest, taxes, depreciation and amortisation after leases are expected to be €13.3-billion in the year ending in March, the Newbury, England-based company said in a statement on Tuesday. The company said it will cut 11 000 jobs, work to turn around its German business and start a “strategic review” in Spain.
“Our performance has not been good enough. To consistently deliver, Vodafone must change,” she said in the statement. “My priorities are customers, simplicity and growth. We will simplify our organisation, cutting out complexity to regain our competitiveness.”She must also grapple with a suite of new shareholders from the telecommunications industry, some of whom are becoming more vocal about their desire to influence the direction of the company.
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