Margherita Della Valle, recently appointed as Vodafone’s first female chief executive, has made her first major strategic move – announcing that 11,000 jobs would go over the next three years. This is over 10% of its 104,000 workforce and its largest round of cuts yet. Vodafone has struggled to break out of its cellular straitjacket to become an all-round multinational telco, through expansion and also various acquisitions, notably in Germany where it acquired two major cable operators. So, while Della Valle correctly pointed to the telecommunication sector having the lowest ROCE (Return On Capital Investment) in Europe, alongside the highest capital investment demands, she admitted that Vodafone has been underperforming in the field. “Our performance has not been good enough.…