# The CEO who won't say cut, cut, cut

> Giffgaff's Kate Dohaney is betting that AI is a retraining problem, not a headcount problem.
- Title: The CEO who won't say cut, cut, cut · Fortune | Shortify
- Summary: Giffgaff's Kate Dohaney is betting that AI is a retraining problem, not a headcount problem. AI changes what your people should be doing before it changes…
- Keywords: leadership, telecom, retraining, fintech, CEO, won't, say, cut, Fortune
- Source: Fortune — https://fortune.com/2026/09/15/kate-dohaney-giffgaff-virgin-media-group-ai-demands
- Author: Kamal Ahmed
- Read time: 1 min
- Topics: ai, leadership, telecom, retraining, fintech
## The phrase that backfired
Standard Chartered's Bill Winters told a panel AI was about "replacing lower-value human capital" with investment capital. The backlash was immediate and he ended up apologising.

> It's not cost-cutting. It's replacing lower-value human capital with the financial capital and the investment capital we're putting in.
## The C-suite question of the year
How leaders answer the AI wave, and whether they carry their staff with them, is now a top boardroom issue. AI, workforce planning and ROI headline Fortune's CEO Forum on September 16.
## Train up, don't cut down
Giffgaff CEO Kate Dohaney reframes the question entirely. Not how do we shrink the workforce, but how do we train people to do more across the business.

> I'm not a CEO sitting back saying cut, cut, cut.
## Every revolution needs new skills
Dohaney isn't against efficiency. She wants to work out the next generation of skill sets early and keep her people curious rather than frightened while the shift happens.

> We have to understand what are the next generation of skill sets?
## Banks are coming for telco
Revolut, Monzo, Klarna and Octopus are all eyeing mobile as consumer brands chase super-app status. Nubank already runs NuCel in Brazil.

> There's a massive opportunity for telcos to get ahead and think about revenue diversification.
## Be the red t-shirt
Giffgaff's answer is low cost plus sustainability: B-Corp certified, three quarters of its phones refurbished, and fintech experiments aimed at giving young people fair access to credit.

> Our strategy is focused on 'fair play', giving the next generation fair access and a leg up in life.
## Key takeaway

AI changes what your people should be doing before it changes how many of them you need, and the leaders who get ahead of that will own the next skill set.