Vodafone's Chief Executive Margherita Della Valle faced tough questions from shareholders at the company's Annual General Meeting (AGM) as she defended the telecom giant's controversial decision to close stores and slash jobs.
Shareholder Backlash Over Store Closures
During the heated meeting, investors raised concerns about Vodafone's strategy to shut down physical retail locations across the UK. Della Valle insisted the move was necessary to adapt to changing consumer habits, with more customers preferring digital channels over in-store visits.
Job Cuts Spark Outrage
The CEO also addressed the company's plans to eliminate thousands of positions, stating that Vodafone must 'become a simpler and more agile business' to remain competitive. However, union representatives criticised the cuts as 'devastating for workers' amid the ongoing cost-of-living crisis.
5G Investment Promised
In an attempt to reassure shareholders, Della Valle outlined Vodafone's commitment to expanding its 5G network and improving digital services. 'We're investing where it matters most for our future,' she told attendees.
The AGM concluded with several shareholders expressing dissatisfaction with the company's current trajectory, though Vodafone's leadership remains confident in its restructuring plan.
