Vodafone's Colao to step down

Vodafone's Colao to step down

Vodafone Group CEO Vittorio Colao is to step down from the company following a decade in charge of the United Kingdom operator.

He joined Vodafone in 2001 as UK finance director, before serving stints as UK chief commercial officer and UK chief executive.

The announcement came as Vodafone reported an annual profit of €2.8bn (£2.5bn), compared with a loss of €6.1bn a year ago when it wrote down the value of its Indian business.

On the day Vodafone announced its 2017 numbers, group CEO Vittorio Colao revealed his last day in the office will be 1 October 2018.

Colao was appointed to the role in July 2008, and over 10 years at the helm has diversified Vodafone beyond its roots in consumer mobile to become an global enterprise services provider, establishing a leading position in the internet of things (IoT) as well as embracing 4G and broadband services. She was previously Group Chief Financial Controller, Chief Financial Officer for the Europe region, and Chief Financial Officer for Vodafone Italy.

The purchase gives Colao a major expansion for Vodafone, following years of deals to pull out of markets his predecessors pursued for growth.

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Mr Colao was appointed group chief executive in July 2008.

"On behalf of the Board, I would like to express our gratitude to Vittorio for an outstanding tenure", said Vodafone Group Chairman Gerard Kleisterlee. "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".

The Vodafone Group Plc Board conducted a succession planning process that involved the detailed assessment of potential internal and external candidates.

Revenues in the year to March dipped 2.2pc to €46.6bn, which Vodafone blamed on the completion of a joint venture with Virgin Media owner Liberty Global in the Netherlands and foreign exchange movements.

Proceeds from the Verizon sale allowed Colao to make investments in Vodafone's European network, adding cable and fibre assets and modernising mobile businesses so the carrier could offer bundled services in the bulk of its markets. He led the company for more than a decade. The company forecast it will grow organic adjusted earnings before interest, taxes, depreciation and amortisation by 1-5% in fiscal 2019, bringing the midpoint result below the average analyst estimate of €14.6bn.

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