Vodafone boss Vittorio Colao to step down

Vittorio Colao chief executive officer of Vodafone

Vittorio Colao chief executive officer of Vodafone

Colao will be replaced by Nick Read, who has been finance director since 2014 and always been seen as the likely successor.

Mr Read will be replaced by deputy chief financial officer Margherita Della Valle on July 27, which is the date of Vodafone's annual shareholder meeting. The company notes that this had it looking at both internal and external candidates. Vodafone said that the company had been transformed by him from a consumer-focused 2G/3G mobile operator to one with global leadership in the "Internet of Things". The mobile customer base doubled from 269 million to 536 million during his tenure, and the company added almost 20 million broadband customers.

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.

Data traffic on network of Vodafone India increased four fold but the company could not reap financial benefits because of sharp decline in data prices.

On the day Vodafone announced its 2017 numbers, group CEO Vittorio Colao revealed his last day in the office will be 1 October 2018. Prior to his career at Vodafone Read held senior finance positions with United Business Media and Federal Express. In addition, we agreed the merger of Indus Towers and Bharti Infratel, allowing Vodafone to own a significant co-controlling stake in India's largest listed tower company. She was previously Group Chief Financial Controller, Chief Financial Officer for the Europe region, and Chief Financial Officer for Vodafone Italy.

Gerard Kleisterlee, chairman of Vodafone, said Colao's tenure had been "outstanding". 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.

Last week Vodafone struck a $21.8 billion deal to buy Liberty Global's cable TV and broadband networks in Germany and other markets to strengthen its business in Europe, where 35 percent of its proforma revenue came from fixed line previous year.

After all, medium-term financial results are only part of corporate success, with vision and strategy providing an equally (some say more) important other side of the coin. "As a result, underlying EBITDA grew 7.9 per cent". "It is the right time.to start with a new dedicated management team".

A year ago, it made a loss of 6.1bn euros (£5.4bn) after taking a 4.5 bn euro charge for merging its India operations with Idea.

Vodafone boss Vittorio Colao has confirmed he is quitting the telco just a week after agreeing to spend €18.4bn (£16.1bn) on Liberty Global's European assets.

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