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Vittorio Colao, CEO of Vodafone, will leave his post after 10 years

Financial director Nick Read will succeed you in office, as announced by the company

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Vittorio Colao, CEO of Vodafone, will leave his post after 10 years

Vodafone announced on Tuesday departure of its CEO Vittorio Colao, 56 years, after 10 years in charge of second largest mobile operator in world. Financial director Nick Read will succeed you in office. Colao has transformed British operator during time he has been in charge.

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The company has announced its decision with a statement sent to London Stock Exchange. Colao will leave his post on October 1 and his successor shall be appointed Chief Executive Officer appointed from next July 27th, when annual meeting of shareholders of Vodafone will be held.

The exit of Colao is known at same time that company has reported that its benefit attributed annual until last 31 of March was of 2.439 billion of euros, compared to losses of 6.297 billion euros in same period of previous year.

The president of Vodafone, Gerard Kleisterlee, has thanked his work to Colao, which he has described as an "exemplary leader" and a "strategic visionary" that has monitored "dramatic transformation of Vodafone."

In its statement, company notes that its operating profit in its fiscal year was 4.299 billion euros, a rise of 15.4% over same period of previous year. The turnover, however, receded 2.2% until it was 46,571,000,000 euros, due to departure of company from consolidation of Vodafone Nerlands. In Spain, Vodafone added some 164,000 mobile customers, 109,000 fixed-line households and 51,000 television, despite strong competition in last quarter of fiscal year. The net debt of Vodafone group increased by 1% to 31,469,000,000 euros.

Just six days ago, British operator announced purchase of 18.4 billion euros in assets of cable television company Liberty Global in several European countries. According to Vodafone, operation, with which it has acquired services of cable television and broadband in Germany, Czech Republic, Hungary and Romania, which are added to its mobile telephony operations, allows it to reinforce its presence in se countries as operator Convergent telephony and or telecommunications services.


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