After 10 years with Vodafone, Chief Executive Vittorio Colao has announced that he will step down from his role and that finance director Nick Read will take his place.
During his time at the telecom, Colao helped to reshape the world's second largest mobile operator into a digital communications powerhouse through a series of major deals.
Colao will be replaced by Vodafone's finance director since 2014, Nick Read whose wealth of international experience made him a likely candidate for the position. 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 US market with a $130bn exit from a joint venture with Verizon.
Vodafone recently struck a $21.8bn deal to acquire Liberty Global's cable TV and broadband networks in Germany and in India the company is merging its operations with Idea Cellular to strengthen its position in a market that has become increasingly competitive.
Colao commented on his decision to step down from his role as Chief Executive to reporters, saying:
“The chapter that Vodafone is now starting is completely new. It is the right time … to start with a new dedicated management team.”
Read's deputy since 2015, Margherita Della Valle will replace him as finance director.
Read also shared his thoughts on the future of Vodafone to reporters, saying:
“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. And of course there’s a big opportunity of integrating these new businesses, both Liberty and over in India.”
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