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Money Colao to step down from Vodafone after 10 years in charge

12:45  15 may  2018
12:45  15 may  2018 Source:   news.sky.com

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Image: Vodafone CEO Vittorio Colao to leave after a decade in charge .

Vodafone chief executive Vittorio Colao will step down in October after 10 years in which he reshaped the world's second largest mobile operator into a digital communications powerhouse with a string of major deals. He will take charge of a group that, under Colao , pulled back from its once

Vodafone shares are listed on the FTSE 100 but it reports financial results in euros. Pic: Vodafone © Other Vodafone shares are listed on the FTSE 100 but it reports financial results in euros. Pic: Vodafone

Vodafone's chief executive Vittorio Colao will step down on October 1 after more than 10 years in charge of the world's second-largest mobile phone company.

Nick Read, group chief financial officer, will replace Mr. Colao as chief executive designate from July 27.

Vodafone group chairman Gerard Kleisterlee said: "I would like to express our gratitude to Vittorio for an outstanding tenure.

Vodafone Chief Executive Vittorio Colao © Reuters Vodafone Chief Executive Vittorio Colao

"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.

Colao's decision to step down from the top job came as the company reported a profit of 2.8bn euros (£2.5bn) for the year to March 31. A year ago, it made a loss of 6.1bn euros (£5.4bn).

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