Mobile phone giant Vodafone’s new boss has revealed plans to slash 11,000 jobs across the group over the next three years as she said the firm “must change” to address its poor performance.
Margherita Della Valle, recently appointed Vodafone’s group chief executive, said the cull comes as part of a plan to simplify the business.
It will impact the group’s UK headquarters in Newbury, Berkshire, as well as markets worldwide.
Ms Della Valle said: “Our performance has not been good enough.
“To consistently deliver, Vodafone must change.”
“We will simplify our organisation, cutting out complexity to regain our competitiveness,” she added.
It comes as Vodafone reported a 1.3% drop in full-year earnings to a lower-than-expected 14.7 billion euros (£12.8bn) and forecast little or no growth in earnings over the current financial year.
The group’s former boss Nick Read, who was ousted abruptly in December due to concerns over the group’s performance, unveiled plans late last year to drive around one billion euros (£883m) of cost savings.
The firm said at the time it could lead to job losses but did not put a figure on the number of roles being cut.