Vodafone announces CEO Vittorio Colao departure

Vodafone announces CEO Vittorio Colao departure

The urbane Colao will be replaced by Nick Read, finance director since 2014, whose broad global experience had marked him out as the likely next leader of a group with 536 million mobile customers and 47 billion euros ($56 billion) in revenue.

Nick Read will become Vodafone's Group Chief Executive Officer in October, succeeding Vittorio Colao.

Chief financial officer Nick Read, 53, has been promoted to the top job, having been groomed as the preferred internal candidate.

Colao became Vodafone CEO in July 2008 and during his tenure the company has gone from a consumer-focused 2G/3G mobile operator to a converged communications company with a portfolio that includes what it claims to be the largest mobile and fixed next-generation network in Europe.

Vodafone runs internet and mobile businesses across 25 countries, including the United Kingdom and India.

Read attained his present post in 2014 following a successful spell at the group's emerging markets division spanning Africa, the Middle East and Asia Pacific. He also served on the boards of Vodacom Group and Vodafone India.

"Standing down after a decade at the helm, Vodafone's chief executive Vittorio Colao has struggled to do much for the share price under his leadership", Russ Mould, investment director at AJ Bell, said.

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Gerard Kleisterlee, chairman, said Mr Read had been the "co-architect of the group's strategy together with Vittorio, combining extensive worldwide operational and commercial leadership with world-class financial acumen".

New Delhi, May 15 Vodafone India today posted operating profit of Rs 9,805 crore for the financial year 2017-18, ended March 31.

"He has been an exemplary leader and strategic visionary who has overseen a dramatic transformation of Vodafone into a global pacesetter in converged communications, ready for the Gigabit future", Kleisterlee said.

There doesn't seem to be any juicy gossip behind the move, he has presumably just chose to spend more time with his cash, having spent a decade in charge. "It is the right time.to start with a new dedicated management team".

The Italian executive leaves Read to see through Vodafone's $22-billion agreement last week to acquire cable assets from Liberty Global, which rounds out Colao's reshaping of the Newbury, England-based company into a predominantly European carrier.

"We expect to sustain our profit growth in the year ahead, despite the arrival of a new entrant in Italy and competitive pressure in Spain, supported by the third year in a row of lower net operating costs".

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