Vodafone CEO to step down after 10 years

May 15, 2018, 22:21
Vodafone CEO to step down after 10 years

Vittorio Colao, Chief Executive Officer of Vodafone Group, gestures as he speaks during the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 25, 2018.

Vodafone Group Plc also says that it already has its CFO replacement ready to replace Read as he prepares to take over as its CEO.

Read will succeed him having led the group's finance operations for the last four years, though he does have prior CEO experience having been in charge of the telco's Africa, Middle East and Asia Pacific region.

Since becoming CEO in 2008, 56-year-old Colao has been integral in Vodafone's growth into one of the biggest telecommunications companies in the world.

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Vodafone group chairman Gerard Kleisterlee said: "I would like to express our gratitude to Vittorio for an outstanding tenure". Vittorio will leave as his legacy a company of great integrity with strong inclusive values that is exceptionally well-positioned for the...

Mr Kleisterlee added: "Nick has been the co-architect of the group's strategy together with Vittorio, combining extensive worldwide operational and commercial leadership with world-class financial acumen".

Colao was appointed Chief Executive Officer of the UK-based group in July 2008- nearly a year after Vodafone brand was launched in India.

Vodafone Group CEO Vittorio Colao today said he will step down from the post by September end and it was a "difficult decision" to make after being at the helm of affairs for about a decade. Vodafone said the appointments followed an internal and external search for candidates.

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The change came as the group published solid 2018 results and a more cautious 2019 outlook due to price cuts in Spain and an expected increase in competition in Italy. "Our sustained investment in network quality supported robust commercial momentum: we added a record number of fixed NGN and converged customers in Q4, mobile data usage continues to grow strongly and we grew both revenues and margins in Enterprise, despite roaming headwinds, and continued to reduce operating costs". As a result, underlying EBITDA grew 7.9%.

This includes last week's deal with Liberty Global for Vodafone to acquire cable networks in Germany, the Czech Republic, Romania and Hungary.

"Now is the right time to begin the transition", Colao said on a call with reporters.

In the United Kingdom, it made sales of €7.1bn, up from €6.9bn in 2017, and adjusted operating profit of €168m, up from a loss of €542m in the previous year.

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"I think now is the time to really focus on our organic plan, really focusing on digital transformation of our business and the customer experience", he told reporters.

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