Vodafone announces 11,000 layoffs — CEO says performance must improve

"Our performance has not been good enough. To consistently deliver, Vodafone must change," Ms Della Valle said in a statement.

"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," Margherita Della Valle added.

The company stated that it will refocus on the fundamentals and provide "the simple and predictable experience" its customers demand in order to win their consumer markets.

The action plan, according to Vodafone, is centred around three priorities: significant investment reallocated in the upcoming fiscal towards customer experience and brand; 11,000 role reductions planned over three years; and a Germany turnaround plan, continued pricing action, and strategic review in Spain.

Nick Read, Margherita Della Valle's predecessor, left his position in December of last year following a four-year term during which the value of the company's stock fell precipitously.

(With inputs from agencies)