Vodafone CEO Vittorio Colao steps down, Nick Read is the new CEO

Vodafone CEO Vittorio Colao steps down, Nick Read is the new CEO

On the same day the operator announced group CEO Vittorio Colao will step down from his post in October after a decade in the job.

"At the date of the Group's Annual General Meeting on 27 July 2018, Deputy CFO Margherita Della Valle will succeed Nick Read as Group Chief Financial Officer and will join the Board, and Nick Read will become Group Chief Executive-Designate", it said.

FTSE 100 telecommunications firm Vodafone Group PLC on Tuesday reported organic earnings growth came in above guidance, while also saying Chief Executive Vittorio Colao will depart later this year.

Colao's decade as CEO at Vodafone has been mostly characterised by sales to clean up a sprawling global network of businesses and stakes in telecoms companies that he inherited from his predecessor Arun Sarin in July 2008.

Mr Colao said it had been a "real privilege" to lead Vodafone.

Profit of Vodafone was €2.8 billion, including €2.2 billion net of tax reduction in the carrying value of the Group's operations in India and a €1.9 billion increase in deferred tax assets in Luxembourg. He joined Vodafone in 2001 as Vodafone UK finance director before being appointed Vodafone UK CCO then Vodafone UK chief executive.

Vodafone group chairman Gerard Kleisterlee remarked: "Nick has been the co-architect of the Group's strategy together with Vittorio, combining extensive global operational and commercial leadership with world-class financial acumen".

"He has been an exemplary leader and strategic visionary who has overseen a dramatic transformation of Vodafone".

Following the news, shares in Vodafone fell nearly 4 per cent.

For Read it's a "step-up" role, after a good track record at Vodafone, said James Ratzer, a telecoms analyst at New Street Research in London. "The chapter that Vodafone is now starting to write is a completely new chapter", he said, pointing to the Liberty deal and a pending merger of Vodafone's India business with Idea Cellular. "And we announced last week the acquisition of Liberty Global's cable assets in Germany and Central and Eastern Europe, transforming the Group into Europe's leading next generation network owner and a truly converged challenger to dominant incumbents".

Excluding the negative impact of net roaming declines in Europe, the benefits of settlements in the United Kingdom and Germany and the introduction of handset financing in the United Kingdom, organic adjusted EBITDA grew by 7.9%.

Related Articles