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HomeFinanceVodafone shares drop 4% after cutting a record 11,000 jobs

Vodafone shares drop 4% after cutting a record 11,000 jobs

Vodafone announced plans to cut 11,000 jobs as part of a turnaround plan from the company’s newly-appointed CEO Margherita Della Valle.

Paul Hanna | Bloomberg | Getty Images

Vodafone shares fell as much as 4% on Tuesday, after the British telecommunications firm announced plans to slash a record number of jobs and forecast flat profit growth.

“Our performance has not been good enough. To consistently deliver, Vodafone must change,” recently appointed CEO Margherita Della Valle said in a candid statement on Tuesday.

Vodafone said it would cut 11,000 jobs over three years, out of a total headcount of just over 100,000. That is the largest round of reductions made in the company’s history, Reuters reported.

“My priorities are customers, simplicity and growth. We will simplify our organisation, cutting out complexity to regain our competitiveness. We will reallocate resources to deliver the quality service our customers expect and drive further growth from the unique position of Vodafone Business,” Della Valle said.

This is a breaking news story. Please check back for more.

This story originally appeared on CNBC

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