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.

Chief Rabbi Blesses Ivanka, Jared, Calls Trump 'King of Kindness'
Yosef used the Hebrew word 'kushi, ' which although it was used in the Bible is now considered a derogatory term for black people. White House senior advisors Ivanka Trump and Jared Kushner receive a blessing from Israeli Chief Rabbi Yitzhak Yosef .

BC residents and emergency crews prepare for more flooding this week
About 100 properties have been evacuated in the area and another 600 are under evacuation alert. Not since 1948 has the Boundary seen a flood of this kind.

Honor 10 set to launch today
First, there is a 5.8-inch 19:9 full HD+ LCD screen at the forefront replete with an iPhone X-style bezel-less plus notch design. The cameras on the Honor 10 also come with some AI (Artificial Intelligence) based features that help you take better photos.

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.

Other News

Trending Now

Sioux City school board approves new contracts with union groups
Residents of Cohoes will also vote on the establishment of a capital reserve fund and elect two members to the Board of Education. According to the Cook Political Report, seven Republican held districts are considered potentially competitive.

No big progress on Brexit since March - EU's Barnier
Quest says Britain can't have an open Northern Irish border without allowing freedom of movement. Mrs May's spokesman said London was working on two options for post-Brexit customs cooperation.

Lars Von Trier's new serial killer film causes walkout at Cannes
He views each murder as an artwork in itself, even though his dysfunction gives him problems in the outside world. Now, von Trier has been given permission to return to Cannes , and he's doing so with The House That Jack Built .

Malaysia ETF Surges as Mahathir Takes Office
A popular Islamic student leader, Anwar joined the ruling Malay party in 1982, a year after Mahathir became prime minister. Najib has said the deposit was a donation by an unnamed member of the Saudi royal family which had been largely returned.