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Vodafone Announces CEO Colao Departure After Decade at Top

Joe Mayes
Vodafone Announces CEO Colao Departure After Decade at Top

Vodafone Group Plc Chief Executive Officer Vittorio Colao is leaving after a decade of retreating from aggressive global growth in favor of the European market, handing the reins to company veteran Nick Read. 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. The Italian executive leaves Read to see through Vodafone’s $22-billion agreement last week to acquire cable assets from Liberty Global Plc, which rounds out Colao’s reshaping of the Newbury, England-based company into a predominantly European carrier.