Vodafone's new CEO says to axe 11,000 jobs
LONDON, UK - British mobile phone giant Vodafone on Tuesday said it planned to axe 11,000 jobs over the next three years as new chief executive Margherita Della Valle seeks a "simpler" organisation.
"Our performance has not been good enough. To consistently deliver, Vodafone must change," Della Valle said in a statement.
"We will simplify our organisation, cutting out complexity to regain our competitiveness," added Della Valle, appointed CEO on a permanent basis at the start of May after five months as interim boss.
Her predecessor Nick Read stepped down in early December after a four-year tenure marked by a steep fall in the company's share price.
He left with Vodafone in talks over merging its UK operations with rival Three UK, owned by Hong Kong-based CK Hutchison.
Media reports say a deal worth £15 billion ($18.7 billion) is close to completion. - AFP
