Vodafone falls 3% on CEO resignation

Vodafone

The announcement comes on the same day Vodafone released its financial results for the year, showing a €2.8bn profit, up from a €6bn loss in 2017.

Mr Colao's successor takes on the top job at a time of change for the group, which has just struck an €18.4 billion (£16.2 billion) deal that will see it snap up a raft of Liberty Global assets across Europe.

"Now is the right time to begin the transition", Colao said on a call with reporters.

"We have made good progress in securing approvals for the merger with Idea Cellular in India - which is expected to close imminently - and appointed the new management team, who will focus immediately on capturing the sizeable cost synergies".

Mobile service revenue fell 6.6 per cent to €30.6bn, and fixed service revenue went up marginally from €10.22bn to €10.4bn. Analysts said the timing of the departure should come as no surprise and that investors should be reassured by Read's appointment. Before CFO, Mr Read had previous roles heading up the company's emerging markets and United Kingdom divisions. Margherita Della Valle, now deputy CFO, will succeed Read as CFO.

"The chapter that Vodafone is now starting to write is a completely new chapter - after India, after Liberty, with the big in-road into convergence". "Colao has chose to leave before people start saying, 'You've been in the job too long"'.

CBI charges former PNB boss and 10 staff in fraud case
It has been revealed that these officials did not follow circulars issued by the central bank on the SWIFT control system in 2016. The Allahabad Bank board has been asked to divest Ananthasubramanian of all powers and initiate further action.

By creating India's largest telecoms operator, Vodafone is seeking to reverse its troubled fortunes in the country, where the company's revenue slumped 18.7 percent during its last financial year. Colao also oversaw one of the biggest deals in corporate history when Vodafone sold its stake in Verizon Wireless for $130bn (€109bn) in 2013.

LONDON -Vodafone announced on Tuesday that long-serving CEO Vittorio Colao will step down later this year.

Operating profit was up 15.4 per cent to £3.7 billion (€4.3bn) on last year's figure.

He also added saying, "After 10 years of stability under Colao, Vodafone is potentially setting sail into uncharted waters".

The company added over 1 crore pre-paid customers but lost 5.76 lakh contract or post-paid customers in the January-March period. He has been with the company for more than 12 years. Read said he had been alongside Colao through the process of reshaping Vodafone, and he would now deliver the benefits for shareholders and customers.

"I'm going to be working flat out until October and then I will start thinking and evaluating options and alternatives", Colao said.

Related News:



Most liked

Robinson Cano suspended 80 games by Major League Baseball
Cano landed on the disabled list Monday, a day after a bone in his right hand was broken when hit by a pitch in Detroit. In parts of five seasons with the Mariners, Canó is slashing.294/.353/.471 with 147 doubles and 101 home runs.

Oil races to $80 as US drilling rises
Iran produces roughly 4% of the world's oil, with the looming prospect of American sanctions set to cut off some of that supply. By 8am GMT, Brent was up 20c at $78.43.

Mohamed Salah reveals chat with Man Utd boss Jose Mourinho
Pep Guardiola reacted to the team's 106th league goal of the season by leaping out of his seat in the dugout and punching the air. Serie A: Benevento 1 (Diabate 87) bt Genoa 0; Inter Milan 1 (Rafinha 80) lost to Sassuolo 2 (Politano 25, Berardi 72).

MoD confirms clashes continue in the outskirts of Farah city
The Afghan Defense Ministry said in a statement Tuesday that Afghan security forces were able to repel their attacks. Interior Ministry spokesman Najib Danish said both Afghan and foreign air forces were participating in the battle.

Australians warned about Bali travel after Indonesian terror attacks
Although considered Indonesia's largest pro-IS coalition, JAD's structure and links to the global terror network are murky. ISIS first mounted attacks in Indonesia in 2016, claiming the lives of four civilians in explosions and shootings.

Lenovo Teases An All-Screen Smartphone
These views and opinions do not necessarily represent those of The Asian Age and/or other staff and contributors to this website. Lenovo' VP Chang Cheng confirms the upcoming Z5 smartphone to feature a no bezel display with 95 per cent screen-to-body ratio.

Video shows iPhone exploding, catching fire in Las Vegas fix shop
The unit in the video was in the shop to replace a bloated battery and a cracked screen that broke when the battery expanded. Scary surveillance video from a Las Vegas phone fix shop shows an iPhone exploding just feet away from a worker.

Everton to sack Sam Allardyce this week!
The Toffees face a summer of uncertainty with Wayne Rooney's future at the club also in doubt amid a mooted move to D.C. I said yesterday it's not in my hands now. "We will wait and see when we meet up this week'".

Rafael Nadal breaks John McEnroe's 34-year-old record
Rafael Nadal's 21-match unbeaten run on clay has come to an end thanks to a surprise defeat to Dominic Thiem at the Madrid Open . Thiem will take on South African big man Kevin Anderson who finally broke his duck and made his first Masters semifinal.

First Trailer for Spike Lee's True Story Dark Comedy 'BlacKkKlansman'
To do so, though, the rookie needs help, and he finds it in his colleague Flip Zimmerman ( Adam Driver ), who is Jewish. It was among the most highly anticipated titles at Cannes this year and immediate reaction was positive.

Nick Young credits dream about Steve Kerr for solid Game 1 showing
Luc Mbah a Moute did not help the Rockets off the bench. "You've got two great scorers over there in [ Chris Paul ] and James". Golden State undoubtedly has a sizeable advantage with Klay Thompson and Draymond Green in the starting lineup.

Critical flaw found in email encryption tools
Email users who use PGP (based on OpenPGP) and S/MIME to encrypt and decrypt their communications are at "immediate risk". This new vulnerability allows hackers and attackers the ability to read encrypted HTML emails in plaintext files.

Petrol, diesel prices touch record high: 10 points
Indian OMCs disposed of the daily revision in fuel prices that was being carried out from June 2017. Also, the rupee has weakened to Rs 67 per USA dollar from Rs 66.62, making imports costlier.

Sunny Monday expected, possible thunderstorms in the evening
There is a slight chance of showers and storms for the KVOE listening area by late afternoon with a better chance around sunset. According to the National Weather Service in Hastings, Grand Island received 0.28 of an inch of rain from the storm.

US To Help North Korea Upon Nuclear Surrender - Pompeo
One told reporters that being free was "like a dream; we are very, very happy". Singapore also has a track record for hosting worldwide summits.