Vodafone Layoff: The winters have harsh for busload of people as season of layoffs does not seem to end soon. One of the big telecom firm has now joined the ranks of sacking employees. Vodafone Group is planning to slash around hundred of job in a cost-saving measures, reported the Financial Times.
Read More: PAN card to be one ID for all business processes? Details inside
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, a tenure during which the British telecom group’s share price nearly halved, as the board expressed its unhappiness with the progress under him.
Earlier this week, Vodafone agreed to the sale of its business in Hungary to local IT company 4iG and the Hungarian state for a total of 1.7 billion euros ($1.82 billion) in cash, a deal that was first announced in August last year.
Read More: Jet Airways: NCLT Allows Transfer of Airline’s Ownership to Jalan-Kalrock Consortium
Vodafone, which employs about 104,000 people globally and 9,400 people in the UK, has had a particularly challenging year after the company came under pressure from a number of investors to simplify its sprawling business, shed poorly performing units and decentralise its global operations. Nick Read, whose tenure as chief executive saw the FTSE 100 company lose more than 40 per cent of its value, stepped down at the end of last year and has been replaced on an interim basis by Margherita Della Valle, Vodafone’s chief financial officer.
