After 10 years in charge of the Vodafone Group, today Vittorio Colao has announced he is to stand down.
Colao has been key in the turn around of the company over the recent years, including the $130bn sale of their share in Verizon Wireless in America several years ago. He was also a major figure in the deployment of converged services such as TV and home broadband.
Colao will remain in charge until October when Nick Reed will take over the role it has been announced.
Group Chairman Gerard Kleisterlee tells us..
More information in the press release below.
VODAFONE GROUP PLC BOARD ANNOUNCES GROUP CHIEF EXECUTIVE SUCCESSION
The Vodafone Group Plc Board today announced the succession plan for the role of Group Chief Executive. Effective 1 October 2018, Vittorio Colao will be succeeded by Group Chief Financial Officer Nick Read. At the date of the Group’s Annual General Meeting on 27 July 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.
Vittorio Colao was appointed Group Chief Executive in July 2008. During the decade under his leadership, Vodafone has been transformed from a consumer-focused 2G/3G mobile operator to one of the world’s leading converged communications companies with a diverse portfolio including the largest mobile and fixed next-generation network in Europe, a significant international enterprise division, and global leadership in the ‘Internet of Things’.
Over the last ten years, he has overseen a strategic reshaping of the Group, exiting minority shareholdings to focus on controlled and co-controlled assets while growing mobile customer numbers from 269 million to 536 million (plus 19.7 million broadband customers) over 25 countries, including significant businesses in India, Egypt, Turkey and across Africa.
Nick Read was appointed Group Chief Financial Officer and joined the Vodafone Group Plc Board in April 2014. He was previously the Group’s Chief Executive for the Africa, Middle East and Asia Pacific region and served as a board member of a number of Vodafone’s emerging markets subsidiaries including Vodacom Group and Vodafone India.
He joined Vodafone in 2001 as Vodafone UK Finance Director before being appointed Vodafone UK Chief Commercial Officer then Vodafone UK Chief Executive. Prior to joining Vodafone, Nick Read held senior global finance positions with United Business Media Plc and Federal Express Worldwide.
He is a Fellow Chartered Management Accountant and a Chartered Global Management Accountant with a BA (Hons) in Accounting and Finance. He has also been nominated for election to the board of Booking Holdings, Inc., effective June 2018.
Margherita Della Valle was appointed Deputy Group Chief Financial Officer in 2015. She was previously Group Chief Financial Controller, Chief Financial Officer for the Europe region, and Chief Financial Officer for Vodafone Italy. She joined Omnitel Pronto Italia – which later became Vodafone Italy – in 1994 and held various consumer marketing positions in business analytics and customer base management before moving to finance. Margherita Della Valle has a Masters in Economics from Bocconi University and is also a Non-Executive Director on the board of Centrica plc.
Vodafone Group Chairman Gerard Kleisterlee said: “On behalf of the Board, I would like to express our gratitude to Vittorio for an outstanding tenure. He has been an exemplary leader and strategic visionary who has overseen a dramatic transformation of Vodafone into a global pacesetter in converged communications, ready for the Gigabit future. Vittorio will leave as his legacy a company of great integrity with strong inclusive values that is exceptionally well-positioned for the decade ahead.”
“Nick has been the co-architect of the Group’s strategy together with Vittorio, combining extensive international operational and commercial leadership with world-class financial acumen. I am confident Vodafone will benefit greatly from his experience, insight and wisdom in his new role as Group Chief Executive.
Margherita has a strong track record in financial leadership at the highest levels, and I am delighted to welcome her to the Board. 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.”
The Vodafone Group Plc Board conducted a succession planning process that involved the detailed assessment of potential internal and external candidates.
There are no other disclosures to be made under Listing Rule 9.6.13.
