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LONDON, UK / ACCESSWIRE / May 17, 2018 / If you want access to our free research report on Vodafone Group PLC (NASDAQ: VOD) ("Vodafone"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=VOD as the Company's latest news hit the wire. On May 15, 2018, the Company announced that Vittorio Colao, Group Chief Executive Officer (CEO), has decided to exit from the Company by the end of September 2018. The Board has identified Nick Read, Group Chief Financial Officer (CFO), as the successor, and he will take charge as the Group CEO with effect from October 01, 2018. In the meantime, Read has been given the designation of Group Chief Executive-Designate. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Additionally, the Board has identified Margherita Della Valle, Deputy CFO, to take over from Read as Group CFO. She will take on the new position on July 27, 2018, the same date when the Group's Annual General Meeting is scheduled. She will also join the Company's Board of Directors.
The Board identified the successor candidates after careful review of several potential internal and external candidates.
Highlights of Vittorio Colao's Tenure with Vodafone
Colao has a long association with Vodafone and has been the Company's Group Chief Executive since July 2008. In the decade-long tenure as Group CEO, Colao has led an aggressive growth strategy in which Vodafone transitioned from a consumer-focused 2G/3G mobile operator to one of the world's leading converged communications Companies. The Company's portfolio expanded to include the largest mobile and fixed next-generation network in Europe, a significant international enterprise division, and global leadership in the ‘Internet of Things' (IoT). During his 10-year tenure as Group CEO, he completely changed the organization structure of the Company by divesting non-core businesses to concentrate on strengthening the core business. Vodafone saw a jump in mobile customers from 269 million to 536 million, plus 19.7 million broadband customers across 25 countries especially in high growth markets like India, Egypt, Turkey, and across Africa.
Commenting on Colao's decision to retire, Gerard Kleisterlee, Group Chairman, Vodafone, said:
"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."
About the Group Chief Executive-Designate - Nick Read
Read has been with Vodafone since 2001 when he joined as Vodafone UK Finance Director. He took over as the Group CFO and joined the Company's Board in April 2014. Prior to that, he was 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 subsidiaries, including Vodacom Group and Vodafone India. Since his joining, he has taken on various roles including CFO, CCO, and CEO of Vodafone Ltd, the UK operating Company. Before joining Vodafone, Read was with United Business Media Plc and Federal Express Worldwide, where he held several senior level global finance positions.
Read 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.
About Margherita Della Valle
Della Valle started her association with Vodafone in 1994 when she had joined Omnitel Pronto Italia – which later became Vodafone Italy. During her tenure with Omnitel Pronto Italia, she held various consumer marketing positions in business analytics and customer base management before moving to finance. She took over as the Deputy Group CFO in 2015. Prior to this, she was the Group Chief Financial Controller (CFC) and CFO for the Europe region, and the CFO for Vodafone Italy. Della Valle has a Masters in Economics from Bocconi University and is also a Non-Executive Director on the Board of Centrica Plc.
Sharing his views on the successor candidates Read and Della Valle, Gerard Kleisterlee stated:
"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."
Challenges ahead for Nick Read
Read has rather large shoes to fill with the exit of Colao. Colao has left behind a legacy of transformation of Vodafone's businesses. Colao's decision came in just a week after Vodafone's announcement to acquire Liberty Global Plc.'s (NASDAQ: LBTYA, LBTYB, and LBTYK) operations in Germany, Hungary, Romania, and The Czech Republic for nearly $22.7 billion. Colao was also behind the proposed merger of Idea Cellular Ltd's with Vodafone's India business. Read will now be responsible to ensure a smooth integration of the acquired businesses which is expected to give Vodafone a wide margin for success and growth.
Stock Performance Snapshot
May 16, 2018 - At Wednesday's closing bell, Vodafone Group's stock dropped 1.63%, ending the trading session at $26.60.
Volume traded for the day: 7.04 million shares, which was above the 3-month average volume of 3.04 million shares.
After yesterday's close, Vodafone Group's market cap was at $69.72 billion.
The stock has a dividend yield of 6.35%.
The stock is part of the Technology sector, categorized under the Wireless Communications industry. This sector was up 0.3% at the end of the session.
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