Here's when: Vodafone boss to stand down after 10 years

Vodafone

Vodafone has announced that Nick Read, now the group's CFO, will succeed Vittorio Colao has the group's chief executive on October 1. CFO Nick Read will take up the helm.

"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 will be replaced by Vodafone's finance director since 2014, Nick Read whose wealth of global experience made him a likely candidate for the position. "It is the right time ... to start with a new dedicated management team".

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.

"At the date of the Group's Annual General Meeting on July 27, 2018, Deputy CFO Margherita Della Valle will succeed Nick Read as Group Chief Financial Officer and will join the board, and Nick Read will become Group Chief Executive-designate".

It had reported an operating loss of around ₹30,690 crore for 2016-17 on account of the United Kingdom -based Vodafone Group lowering the valuation of its Indian business by taking gross impairment charge of €4.5 billion. "Colao has chose to leave before people start saying, 'You've been in the job too long"'.

Calao has been in the role for almost a decade, creating one of the world's leading communications companies with the largest mobile network in Europe, all while being a pioneer in the development of IoT.

But he will be best remembered for one of the world's biggest deals - the $130bn sale of its joint venture holding with US group Verizon.

Colao's pending deals with Liberty Global Plc and Idea Cellular Ltd. mean he's not starting from scratch.

LONDON -Vodafone announced on Tuesday that long-serving CEO Vittorio Colao will step down later this year. If the deal survives scrutiny from European regulators, Vodafone will be a big step closer to Colao's vision of a European cross-border champion that can offer mobile and broadband services in numerous markets.

Organic service revenue was up 1.6%, with fourth quarter growth of 1.4%, showing good momentum in data, fixed/convergence and Enterprise. The company separately updated investors on its full-year performance, posting a surge in profits. "And of course there's a big opportunity of integrating these new businesses, both Liberty and over in India".

For Colao, what life after Vodafone will look like hasn't been decided, he said.

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