Margherita Della Valle, Vodafone Group Chief Executive Officer, stated that change was required after conceding its performance had been below par. She laid out a strategy revamp, which will include cutting 11,000 jobs within 3 years.
Della Valle set out a new roadmap in a full year and fiscal Q4 2023 earnings statement, following a strategic review over the last five months.
The executive stated the circumstances of the industry and Vodafone’s position within it required “us to change.” It will target four key areas to become a “best-in-class” operator: a rebalance of the organisation to maximise the potential of Vodafone Business; wins in the consumer markets; a leaner and simpler organisation; and focusing resources on a specific set of products and geographies.
An action plan is already underway covering three priorities: investment in customer experience and brand; simplicity through the job cuts; and targeting a turnaround in struggling markets in Germany and Spain.
The job resizes will comprise around 10% of Vodafone’s workforce and affect the UK and local markets. The company had around 104,000 employees at the end of 2022.
There are plans to cut jobs in Italy and are mulling over the future of its Spain unit, as part of a wider cost-cutting exercise.
Fiscal Q4 revenue stood at €11.1 billion, down from €11.4 billion in the same period of fiscal 2022.
Full-year revenue was flat at €45.7 billion, as growth in Africa and higher equipment sales were offset by lower Europe service revenue and adverse exchange rate movements.
Net profit rose from €2.8 billion to €12.3 billion, largely due to a one-off gain from the sale of a stake in Vantage Towers.
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