Vodafone falls 3% on CEO resignation

Vittorio Colao chief executive officer of 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"'.

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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.

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