Vodafone To Downsize Hundreds of Jobs To Save Costs By $1.1B

  • Vodafone Group Plc VOD braced for a round of job cuts to slash costs by €1 billion ($1.1 billion) by 2026.
  • The downsizing will likely number in the hundreds and also affect offices in London, Bloomberg reports.
  • Vodafone promised to elaborate more on the restructuring while sharing its third-quarter results on February 1.
  • Vodafone has been amid a turbulent few months, which saw its share price sink to a record low and CEO Nick Read's exit as it battled inflation, activists, and strategic investors. 
  • Vodafone named Italy unit CEO Aldo Bisio to the additional role of the chief commercial officer as the head of its Spain unit, Colman Deegan, departed after about two and a half years in the post. CFO Margherita Della Valle acted as interim CEO.
  • Recently Vodafone agreed to receive cash consideration of €1.7 billion ($1.82 billion) from the sale of its Hungarian business.
  • The sale proceeds will help to repay Vodafone's debt.
  • In November, Vodafone divested its stake in Vantage Towers AG VTAGY at a €16.2 billion ($16.3 billion) valuation.
  • Price Action: VOD shares traded lower by 0.53% at $11.22 in the premarket on the last check Friday.
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