Home / News / Vodafone to cut hundreds of jobs in cost-saving measures: Report

Vodafone Group Plc is planning to cut hundreds of jobs cuts in cost-saving measures, Financial Times has reported citing people briefed on the discussions on 13 January.

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, on 9 January, British telecom group Vodafone said it had agreed the sale of its Hungarian business to local IT company 4iG and the Hungarian state, and would receive a total cash consideration of 1.7 billion euros ($1.82 billion) from the deal.

The disposal, first announced in August, came as Vodafone looks for a new chief executive after the board grew unhappy with the progress made by Nick Read who failed to grow the group or pull off the right deals to consolidate a fragmented European telecoms market.

On Monday, Vodafone said on Monday that the proceeds from the sale would be used to pay down debt. Under Read, Vodafone, once one of the biggest mobile operators in the world, has been selling assets to focus on its core European and Africa operations.

(With inputs from Reuters)

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Recommended For You
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout