Vodafone to sack hundreds of job as part of cost-cutting measures
- ByStartupStory | January 13, 2023
According to Financial Times, Vodafone Group Plc plans to cut hundreds of jobs as part of cost-cutting measures.
The report follows Vodafone’s November announcement of cost-saving measures worth 1 billion euros ($1.08 billion) in the wake of a deteriorating market outlook.
Since then, the company’s Chief Executive Officer Nick Read has stepped down, ending a tenure in which the British telecom group’s share price nearly halved as the board expressed dissatisfaction with the company’s progress.
On 9 January, British telecom group Vodafone announced that it had agreed to sell its Hungarian business to local IT company 4iG and the Hungarian state for a total cash consideration of 1.7 billion euros ($1.82 billion).
The disposal, first announced in August, comes as Vodafone searches for a new CEO after the board became dissatisfied with Nick Read’s performance, which failed to grow the group or close the right deals to consolidate a fragmented European telecoms market.
Vodafone announced on Monday that the sale proceeds would be used to pay down debt. Vodafone, once one of the world’s largest mobile operators, has been selling assets in order to focus on its core European and African operations.
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