ALBAWABA – Vodafone Group’s first-ever woman Chief Executive Officer (CEO) Margherita Della Valle announced plans to fire 11,000 employees over the span of three years, according to CNBC Arabia.
Della Valle said Germany, its largest market, was underperforming.
Combined with rising energy costs, she estimated this would lead to a 1.3 percent decline in the group’s core profits for the year ending in March.
This is in line with market expectations, Della Valle added.
Meanwhile, the new CEO estimated Vodafone Group’s profits to drop to EUR14.7 billion in the said duration.
The Africa marker, on the other hand, is seeing growth, she underlined.
Rising smartphone sales in the African continent have enabled the company to boost revenues by 0.3 percent, up to EUR45.7 billion.
Recently in Italy, Vodafone scrubbed 1,000 jobs and is now looking to cut 1,300 jobs in Germany, according to Vodafone statements earlier this year.
Della Valle was appointed CEO of the Vodafone Group in April.
She served as the group’s head of finance, and has been working with Vodafone for nearly 30 years, The Financial Times (FT) reported.
The new CEO has been serving as interim CEO since January, when she took over from Nick Read.
In a statement to FT last month, Della Valle said: "To realise our potential Vodafone needs to change. We know we can do better."
"My focus will be to improve the service for our customers, simplify our business and grow," she explained.
Vodafone chair Jean-François van Boxmeer told FR that “Margherita has a strong track record during her long career at Vodafone in marketing, operational, commercial and financial positions.”
Shares in Vodafone were up 1 percent at the time of the report on April 27.
