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Vodafone CEO Vittorio Colao to step down in October

Vodafone CEO Vittorio Colao to step down in October

Colao has returned the company to organic growth and decent cash generation by focusing on core geographies and investing in next generation fixed and mobile networks and unified communications as well as digital transformation and operating efficiencies.

Vodafone's chairman, Gerard Kleisterlee, said: "On behalf of the board, I would like to express our gratitude to Vittorio for an outstanding tenure. Vittorio will leave as his legacy a company of great integrity with strong inclusive values that is exceptionally well-positioned for the decade ahead". Margherita Della Valle, now deputy CFO, will succeed Read as CFO.

Mr Kleisterlee added: "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".

Read was appointed CFO and joined the Vodafone board in April 2014. Vodafone made the surprise announcement as it reported earnings and predicted potentially slower growth ahead on competitive pressures in Italy and Spain, causing the stock to drop the most since February.

Revenue fell 2.2 per cent to £46.5 billion compared to previous year, due to the deconsolidation of Vodafone Netherlands and fluctuating currency rates.

North Korea has begun dismantling nuclear test site
North Korea for decades has been pushing a concept of "denuclearization" that bears no resemblance to the American definition. Bolton said in an interview with CNN's "State of the Union" that North Korea should not "look for economic aid from us".

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

"Vittoria Colao has certainly chosen a good time to bow out, having finally consummated a significant and strategically beneficial deal with Liberty Global, as well as reporting a relatively decent year to March 2018", said Carse.

Germany, Vodafone's largest territory, grew 2.3 per cent to €10.84bn, the United Kingdom was up 2.2 per cent €7.07bn and Italy grew 1.7 per cent to €6.2bn. "After India, after Liberty, this is a new story that will take five years to be written".

Colao steps down after just over 10 years in the job, during which he has transformed Vodafone from a pure mobile player into a converged operator owning multiple cable and fibre networks.

Vodafone's operating profit rose to €4.3 billion compared to €3.7 billion in the prior year, reflecting operational leverage and the benefit of cost efficiency initiatives.


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