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vegassports-odds.com May 20, 2018


Vodafone promotes CFO Read to succeed Colao as CEO

15 May 2018, 08:02 | Melvin Schneider

Vodafone promotes CFO Read to succeed Colao as CEO

Vittorio Colao of Vodafone Group

VODAFONE'S chief executive Vittorio Colao is to step down on October 1 after more than 10 years at the helm of the mobile phone giant.

Read will take control of a group that has backed away from its previous large scale expansion efforts under Colao most notably when it left the USA market with a $130bn exit from a joint venture with Verizon. He was previously Vodafone's chief executive for the Africa, Middle East and Asia Pacific region and served as a board member of a number of Vodafone's emerging markets subsidiaries including Vodacom Group and Vodafone India. He joined Vodafone in 2001 as UK finance director, before serving stints as UK chief commercial officer and UK chief executive.

"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", commented Gerard Kleisterlee, the Group's Chairman.

Having finally sealed what looks like a significant and strategically beneficial European cable network deal with Liberty Global, Vodafone now looks to be in a far stronger position in a converged digital communications future.

"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", said Kleisterlee. I am confident Vodafone will benefit greatly from his experience, insight and wisdom in his new role as Group Chief Executive.

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.

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In a separate statement, Vodafone updated investors on its full-year performance, posting a 15.4-percent rise in operating profit to €4.3 billion, while also disclosing a 2.2-percent fall in total revenue to €46.6 billion.

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.

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 on May 9 agreed to buy cable group Liberty Global's German, Czech, Hungarian and Romanian businesses for 18.4 billion euros ($21.8 billion), including debt.

Based on guidance FX rates, and under IAS18 accounting standards, this implies an adjusted Ebitda range of EUR14.15 billion to EUR14.65 billion for the year.



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