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Vodafone chief Vittorio Colao to step down

Vodafone chief Vittorio Colao to step down

The telecom operator in a statement said Vittorio Colao will be succeeded by Nick Read effective 1 October 2018.

Mr Colao said Mr Read and Ms Della Valle were were the best people to take the group into its next stage, adding that the management team he has created would be his "real legacy".

"With positive results across the board, one would expect markets to react by buying the shares, and yet investors are clearly taking a dimmer view about the company's prospects with the CEO of 10 years on his way out", said Accendo Markets analyst Artjom Hatsaturjants.

"The chapter that Vodafone is now starting is completely new".

Vodafone shares dropped as much as 4.8 percent and were down 2.9 percent to 201.10 pence as of 11:31 a.m.in London.

On the face of it this appears to be sensible timing for change.

Nick Read is now the chief financial officer of Vodafone Group. "Colao has made a decision to leave before people start saying, 'You've been in the job too long"'.

On May 15, British communications company Vodafone announced that its CEO, Vittorio Colao, would be stepping down this year after a decade leading the firm.

But he will be best remembered for one of the world's biggest deals - the $130bn sale of its joint venture holding with USA group Verizon.

Vodafone Group did not include India business in their financial performance.

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.

Read will be left to convince regulators to approve the deal with Liberty, which is facing stiff opposition from Deutsche Telekom and isn't due to close until mid-2019.

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

Data traffic on network of Vodafone India increased four fold but the company could not reap financial benefits because of sharp decline in data prices.

'The UK remained the sick man of Europe during 2017/18, with service revenues down 3.6% organically to €6.1bn, versus growth of between 1% and 2.6% in the other main markets, ' says Megabuyte analyst Philip Carse today. He has been with the company for more than 12 years.

"It really is an opportunity to elevate what we offer for our customers", Read said to reporters. "And of course there's a big opportunity of integrating these new businesses, both Liberty and over in India".

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