Vodafone CEO Vittorio Colao steps down, Nick Read is the new CEO

Vittorio Colao of Vodafone Group

Vodafone Group PLC (LON:VOD) said chief executive Vittorio Colao is to step down in October as the telecoms giant revealed it swung to a full year profit.

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 worldwide enterprise services provider, establishing a leading position in the internet of things (IoT) as well as embracing 4G and broadband services.

The company said it had been "transformed" on Mr Colao's watch "from a consumer-focused 2G/3G mobile operator to one of the world's leading converged communications companies", with "the largest mobile and fixed next-generation network in Europe" and a substantial enterprise arm. The mobile customer base doubled from 269 million to 536 million during his tenure, and the company added almost 20 million broadband customers.

Read, who was appointed to his current post four years ago, previously ran Vodafone's Africa, Middle East and Pacific region.

Vodafone further updated investors on its tie-up in India where the group's local unit is merging with Idea Cellular, noting that the deal is expected to close next month. He will be succeeded by his deputy Margherita Della Valle, who previously ran the organisation's finances for Europe and Italy.

Kevin O'Brien scripts another milestone for Ireland
But wickets tumbled along with their departure, before O'Brien and Stuart Thompson (53) steadied the ship. The hundred was the first ever test century for Ireland.

HP Envy and Elite PCs: Smallest convertible to widest curved all-in-one
HP Elite x2 1013 G3 now fits a 13-inch display into a 12-inch chassis, making it the world's smallest business detachable. Envy 13 buyers get up to 14 hours of battery life per charge and have a fingerprint reader, and optional HP Sure View.

Gov. Rauner proposes restoration of death penalty in IL
In his version, the bill would bring back the death penalty for murdering a police officer, or two or more people. IL has seen the harm that a flawed death penalty system can do, all while adding nothing to our public safety.

Vodafone Group Chairman Gerard Kleisterlee said: "On behalf of the Board, I would like to express our gratitude to Vittorio for an outstanding tenure". Margherita has a strong track record in financial leadership at the highest levels, and I am delighted to welcome her to the Board.

In the United Kingdom, service revenue fell 8.1 per cent to €6.1 billion, although Vodafone says that with constant exchange rates this would only have been 3.6 per cent.

In a media conference call following the results, Mr Colao said: "It has been a real privilege to lead the group through a decade of massive strategic transformation culminating in today's good performance". In addition, we agreed the merger of Indus Towers and Bharti Infratel, allowing Vodafone to own a significant co-controlling stake in India's largest listed tower company.

The announcement comes less than a week after Vodafone unveiled a deal to turn it into Europe's largest cable and broadband operator by buying assets from US peer Liberty Global.

Vodafone's operating profit rose to €4.3 billion compared to €3.7 billion in the prior year, reflecting operational leverage and the benefit of cost efficiency initiatives.

Related News:

  • HSBC conducts

    HSBC conducts "world's first" trade finance deal

    Working with R3, the banks from all over the world tested trading using blockchain and cloud technology. The LOC backed a shipment of soybeans to Malaysia from Argentina last week.
    Pope's Lamborghini fetches over half a million for charity at auction

    Pope's Lamborghini fetches over half a million for charity at auction

    The pope put his diminutive signature on the auto , then put the vehicle up for auction to raise money for charity. Pope Francis signed and blessed a custom Lamborghini Huracan that the Vatican auctioned for $950,000.
    Scientists have carried out a transplant of memory between the living beings

    Scientists have carried out a transplant of memory between the living beings

    Adding RNA from a marine snail that was not given the tail shocks did not produce this increased excitability in sensory neurons. It was "as though we had transferred the memory", study co-author and UCLA professor David Glanzman said, the BBC reported .
  • Navjot Singh Sidhu Won't Go To Jail In Road Rage Case

    Navjot Singh Sidhu Won't Go To Jail In Road Rage Case

    The Supreme Court will on Tuesday pronounce the judgement in 1988 road rage case involving Congress leader Navjot Singh Sidhu . December 1, 2006: Punjab and Haryana high court finds Sidhu and Sandhu guilty and awards a three-year prison sentence.
    Obama's Ambassador to Israel Backs Trump's Embassy Move

    Obama's Ambassador to Israel Backs Trump's Embassy Move

    It also included evangelicals whose voice was amplified by the devout Christian in the White House, Vice-President Mike Pence. Tens of thousands had streamed to the edge of the coastal enclaves land border, some approaching the Israeli fence.
    Pompeo: US will help North Korea achieve prosperity in return for disarming

    Pompeo: US will help North Korea achieve prosperity in return for disarming

    Pence said Thursday on NBC News, "In this moment the regime in North Korea has been dealing, as far as we can see, in good faith". Pompeo spoke after coming out of talks with South Korean Foreign Minister Kang Kyung-wha.
  • Xiaomi Redmi S2 - Overview and Specificaions

    Xiaomi Redmi S2 - Overview and Specificaions

    Apparently, the Chinese smartphone giant Xiaomi wants to take the camera performance of its smartphones to the next level. If we talk about pricing, the 3GB RAM with 32GB storage version is priced at 999 yuan (Rs. 10,560 approx.) in China.
    Ex-Senate Majority Leader Harry Reid has surgery for pancreatic tumor

    Ex-Senate Majority Leader Harry Reid has surgery for pancreatic tumor

    About 55,440 people are estimated to be diagnosed this year and 44,330 are estimated to lose their lives to the cancer. The former Senate Democratic leader declined to seek re-election in 2016 after more than three decades in Congress.
    NASA astronaut snaps explosive Hawaii volcano from ISS

    NASA astronaut snaps explosive Hawaii volcano from ISS

    A new video shot by drone near the Leilani Estates where the fissures formed shows the extent of the damage in a whole new way. Officials said they may need to order an evacuation of the entire area if a local highway is cut off.
  • NASA to Send Helicopter to Mars in 2020 Mission

    NASA to Send Helicopter to Mars in 2020 Mission

    Dubbed the Mars Helicopter , the rotorcraft is hitching a ride to the Red Planet as part of NASA's Mars 2020 rover mission. The helicopter is being developed at NASA's Jet Propulsion Laboratory in Southern California.
    Taliban attacks Farah city in west Afghanistan, kills dozens

    Taliban attacks Farah city in west Afghanistan, kills dozens

    Several security forces members, including provincial deputy police chief Abdul Razaq were injured during the fighting. Officials said security forces had received reinforcements and were fighting back the rebels.
    Fortnite Season 4 Week 3 Challenges Leak

    Fortnite Season 4 Week 3 Challenges Leak

    This does indeed mean that it's possible to complete the Fortnite Week 3 challenges at any time before the end of the season. As with previous weeks within Season 4 , the Fortnite Week 3 challenges don't offer much in the way of experimentation.


Most liked

Kristen Stewart ditches high heels to go barefoot at Cannes
Telling reporters back in 2017 that found the rules outdated Stewart has been vocal about dressing the way she pleases. However she did confess that while she loves the festival itself, she does not support its red-carpet policy.

Kaspersky Lab to open customer data centre in Switzerland by 2020
The transition of systems and data will be overseen by an unnamed independent third party that is based in Switzerland. Kaspersky Lab plans to move core components of its infrastructure from Russian shores to Switzerland.

YouTube TV app gets new voice remote feature
With it you can issue commands such as "go back to my last channel", or call out a particular channel you'd like to watch. As the name suggests, you can now control YouTube TV on your phone with only your voice (and a tap of a single button).

'Vomitive. Pathetic': Lars Von Trier film prompts mass walkouts at Cannes
The House That Jack Built premieres at Cannes today ( May 14 ), so we'll likely hear how the film is sooner rather than later. And Lars von Trier's new movie , The House That Jack Built , found audience members walking out part way through viewing.

India threatens to take Nawaz Sharif's statement to ICJ
Nawaz on May 12, during an interview with a local daily, had stated that "Militant organisations are active". Separately PTI leader Fawad Chaudhry said the former premier does not respect the state or institutions.

Dick Cheney wants to bring back waterboarding because 'it worked'
Much as he did before Pompeo's eventual confirmation, Paul has been digging in ahead of the floor vote on Haspel. Despite his own misgivings with President Trump , Brennan has signaled his support for Haspel on Twitter.

Sichuan Airlines forced to make emergency landing after cockpit windshield breaks off
A co-pilot who was on a Sichuan Airlines flight was "sucked halfway" out of the plane after a cockpit windshield blew out. The cause of the break in the right windshield of the cockpit is yet to be ascertained as investigations are underway.

Turnout for Tuesday's primary is light so far
The state Supreme Court issued a new congressional map in February, splitting Centre County into two districts. In the 155th District, Danielle Friel Otten and Ronald Graham are running in the Democratic Primary; Rep.

Radical Heights Developer Boss Key Productions Shuts Down
Cliff Bleszinski's studio Boss Key Productions , developer of LawBreakers and Radical Heights , has shut down. Radical Heights , Boss Key's recent battle royale, wasn't as much of an infamous failure.

Protesters Arrested Outside South Carolina State House
We need a fast and just transition for the poorest and most impacted by climate change and the fossil fuel economy. Barber also led a variation on the chant: "What do we want?" "We come not with a left agenda or a right agenda".

N Korea's nuclear site dismantling 'well under way': US monitor
North Korea for decades has been pushing a concept of "denuclearization" that bears no resemblance to the American definition. But it remains unclear if Kim would ever fully relinquish the weapons he probably views as his only guarantee of survival.

Turkish PM says U.S. and Israel partners in crime against humanity
Monday, may 14, in the region are continuing mass protests of the Palestinians. Various injuries received 2.4 thousand protesters.

First look! Khloe Kardashian and Tristan Thompson's daughter looks too cute
Simpson is [Khloe's] dad", the user wrote, adding an eye roll emoji. "That's why she's black, babe". Mary Jo 'M.J.' Houghton suggested the name True for her granddaughter Khloé Kardashian's firstborn.

Rumour: Retro Studios Working On Star Fox: Grand Prix For Nintendo Switch
These means that rather than being a space combat shooter, Star Fox Grand Prix is more likely to fall into the racing game genre. The video above is a fan-made mash-up of an ending to Star Fox Command and footage from F-Zero GX, created as long ago as 2011.

Jets vs. Golden Knights
The Jets closed the scoreless second period and started the third on the power play and still couldn't get the puck past Fleury. That's why we've been consistent. "(In addition to two goals), they got a couple of posts on us and we were not right".