TIMELINE - Vodafone's plan to boost cost cuts

Tue May 19, 2009 12:49pm BST
 
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(Reuters) - Vodafone (VOD.L), the world's largest mobile phone group by revenues, is to accelerate cost cutting after forecasting profit would, at best, be flat in the coming year and announcing a 5.9 billion pound impairment charge.

Following are key events at Vodafone in the past year:

February 2008 - Launches an Internet Services unit and appoints Microsoft veteran Pieter Knook as its director.

March - Says it will cut 450 jobs within UK management.

May - Announces the departure of CEO Arun Sarin and names his deputy, Vittorio Colao, as replacement.

-- Says will pay 7.72 billion riyals (1.36 billion pounds) for Qatar's second mobile phone licence.

July - Pays $900 million (581 million pounds) for a 70 percent stake in Ghana Telecom, the country's third-largest mobile phone operator.

-- Cuts revenue outlook due to problems in Spain.

-- Announces a surprise 1 billion pound buyback programme after its stock crashed 14 percent, wiping nearly 11 billion pounds off its market value.  Continued...

 
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