Nick Read to succeed Vittorio Colao as Vodafone Group CEO

Vodafone CEO Vittorio Colao stands down after 10 years at helm

At the date of the Group's Annual General Meeting on July 27th 2018, Deputy CFO Margherita Della Valle will succeed Read as Group Chief Financial Officer and will join the Board, and Read will become Group Chief Executive-Designate. "I would also add that the appointment of Nick and Margherita serves as a testament to the strength and depth of the Vodafone senior leadership team that Vittorio has assembled and led over the last decade", Vodafone Group Chairman Gerard Kleisterlee said. The merger, announced a year ago, 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.

Telecommunication giant Vodafone's CEO Vittorio Colao stepped down from his position on Tuesday.

Groupwide revenues dipped 2.2% to €46.6bn (£40.99bn), due in part to the December 2016 deconsolidation of its Dutch business and in part to foreign currency movements.

Nick Read joined Vodafone in 2001 as Vodafone UK's finance director before being appointed Vodafone UK's chief commercial officer then Vodafone UK chief executive officer.

"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.

Proceeds from the Verizon sale allowed Colao to make investments in Vodafone's European network, adding cable and fibre assets and modernising mobile businesses so the carrier could offer bundled services in the bulk of its markets.

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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%.

Organic service revenue - what Vodafone gets from customers' plans and traffic on its networks excluding handset sales - rose 1.4% in the three months to 31 March, compared to growth of 1% forecast by the average of five estimates compiled by Bloomberg. He has been with the company for more than 12 years.

"It really is an opportunity to elevate what we offer for our customers", Read said to reporters.

Vodafone said it was close to gaining regulatory approval for the planned merger of its Indian operations with Idea Cellular. "After India, after Liberty, this is a new story that will take five years to be written". "Frankly, today I have none".

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