Vodafone Group PlcVOD 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, Bloombergreports. 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 thesale of its Hungarian business. The sale proceeds will help to repay Vodafone's debt. In November, Vodafone divested its stake inVantage Towers AGVTAGY 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.
Vodafone To Downsize Hundreds of Jobs To Save Costs By $1.1B
