Mobile phone giant Vodafone to cut 11,000 jobs globally over three years as new boss says its performance not good enough
Vodafone, the world's second-largest mobile phone company, has announced plans to cut 11,000 jobs globally over the next three years.
The job cuts are part of a restructuring plan by new CEO Margherita Della Valle, who took over the company in December. Della Valle said that the job cuts are necessary to make Vodafone more efficient and competitive.
"Our performance has not been good enough," Della Valle said in a statement. "We need to make some tough decisions to improve our profitability and return to growth."
The job cuts will affect all parts of Vodafone's business, including its headquarters in London and its operations in Europe, Africa, and Asia. The company said that it will offer severance packages to affected employees and will help them find new jobs.
The job cuts are a sign of the tough times facing the mobile phone industry. The industry is facing increasing competition from new entrants, such as Google and Amazon, and from rivals that are merging, such as AT&T and Time Warner.
Vodafone is not the only mobile phone company that is cutting jobs. In recent months, other major mobile phone companies, such as T-Mobile and Sprint, have also announced plans to cut jobs.
The job cuts in the mobile phone industry are a sign of the changing landscape of the industry. The industry is becoming more competitive and more consolidated, and this is leading to job losses.