Vodafone boss Vittorio Colao to step down

Vodafone boss Vittorio Colao to step down

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 the Liberty deal announced and India set to close, he leaves behind a strategically well-positioned portfolio for his successor Nick Read, who we think is a safe pair of hands", analysts at Bernstein said.

Interestingly Colao's journey as CEO of Vodafone Plc also coincides with the company's India timeline.

Vodafone, which also announced its full-year results, said CEO Vittorio Colao, who spent 10 years reshaping the group into a digital communications powerhouse would be replaced by its current finance director.

Vodafone's earnings announcement Thursday pointed to other challenges ahead for Read, as the company battles low-end price competition in Spain and prepares for the entry of Iliad SA's discount carrier in Italy.

The 56-year old Italian origin CEO inherited Rs 22,100 crore tax dispute between Vodafone and Indian government for a deal between Hutchinson Essar and Vodafone in 2007 that paved entry of the British telecom operator in India.

Vodafone has challenged the tax notice under Netherlands-India Bilateral Investment Treaty and the matter is now arbitration.

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During his time at Vodafone, Colao has steered the company towards success. "The chapter that Vodafone is now starting to write is a completely new chapter", he said, pointing to the Liberty deal and a pending merger of Vodafone's India business with Idea Cellular Ltd.

Vodafone India on Tuesday posted an operating profit of ₹9,805 crore for the financial year ended March 31, 2018. He joined Vodafone in 2001 and, before becoming CFO in 2014, headed the United Kingdom business and was responsible for Africa, Asia and the Middle East.

The Board of global telco Vodafone Group has revealed the succession plan for the role of Group Chief Executive.

Gerard Kleisterlee, chairman, said: "On behalf of the board, I would like to express our gratitude to Vittorio for an outstanding tenure".

Mr Kleisterlee added: "Nick has been the co-architect of the group's strategy together with Vittorio, combining extensive worldwide operational and commercial leadership with world-class financial acumen".

This is published unedited from the PTI feed.

In that time, the company has grown its subscribers from 269m to 536m customers, including 19.7m broadband customers.