The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Telecom Italia SpA will cut about 9,000 jobs by 2030, equating to around 20% of its Italian workforce, the company said as it presented its new business plan.
The job cut total will include all planned and voluntary exits including retirements, a spokesman said, calling it part of the company’s push to create a leaner structure.
Telecom Italia is seeking to accelerate a turnaround through a spinoff plan that would see the former phone monopolist give up control of the most valuable asset it owns, the network.
The company’s board gave a mandate to Chief Executive Officer Pietro Labriola to cede control of the grid and cut the company’s more than 30 billion euros ($31 billion) in gross debt by breaking the phone carrier up into several separate units and looking to attract new partners.