Margherita Della Valle is wielding axes with several deals in the offing and a mission to cut 11,000 jobs over three years
Margherita Della Valle wielding axe with several deals in the offing and a mission to cut 11,000 jobs over three yearsThe stock market has offered a pretty lugubrious take on Italian native Margherita Della Valle’s first 18 months as chief executive of
The telecoms industry in Europe has seen average revenues per user drop in the past decade, as it lost ground to over-the-top platforms like WhatsApp and Skype even as they were forced to invest — typically by taking on debt — in fourth and fifth-generation mobile spectrum and fibre networks to maintain subscribers.
The two previous chief executives, Vittorio Calao and Nick Read, oversaw sales of minority stakes in phone companies from Japan and China to the US and the writing down of the value of Vodafone’s minority-held troubled Indian operations to zero. In March, she signed a deal to sell Vodafone’s Italian business — also in a market of four large telecom players — to Swisscom for €8 billion.
Della Valle is wielding the axe elsewhere, too. The company veteran of three decades announced shortly after taking charge that she would cut 11,000 jobs or more than a tenth of Vodafone’s then workforce over three years.Vodafone reported last month that organic service revenues for the year through March grew by 6.3 per cent, excluding the impact of disposals. Organic adjusted earnings before interest, tax, depreciation and amortisation edged up 2.2 per cent.
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