Profile: Vodafone's new Group Chief Executive, Nick Read

Profile: Vodafone's new Group Chief Executive, Nick Read

Profile: Vodafone's new Group Chief Executive, Nick Read

Separately, Vodafone said that, effective October 2018, CEO Colao will be succeeded by Chief Financial Officer Nick Read. Margherita Della Valle, now deputy CFO, will succeed Read as CFO.

The Vodafone Group Plc Board conducted a succession planning process that involved the detailed assessment of potential internal and external candidates.

Colao was appointed to the role in July 2008, and over 10 years at the helm has diversified Vodafone beyond its roots in consumer mobile to become an worldwide enterprise services provider, establishing a leading position in the internet of things (IoT) as well as embracing 4G and broadband services. The merger announced previous year of Vodafone's unit in India with Idea, created to let the two combat a raging price war in the world's second-largest mobile-phone market, is also awaiting final approvals. He was previously the company's chief executive for the Africa, Middle East and Asia Pacific region.

Announcing Colao's departure, Vodafone said that during his decade at the helm, group-wide mobile phone customers had doubled to 536 million across 25 countries.

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. He's now the chief financial officer so is well known in City and investment circles.

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

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The FTSE blue-chip benchmark ended the day up 0.2 percent, while Vodafone's shares fell 4.3 percent, the worst-performing on the index.

"This was a year of significant operational and strategic achievement and strong financial performance", noted Colao.

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%. "It is the right time.to start with a new dedicated management team".

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.

"We expect to sustain our profit growth in the year ahead, despite the arrival of a new entrant in Italy and competitive pressure in Spain, supported by the third year in a row of lower net operating costs", Colao said.

"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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