Nick Read to head Vodafone

Nick Read to head Vodafone

The announcement comes on the same day Vodafone released its financial results for the year, showing a €2.8bn profit, up from a €6bn loss in 2017.

Colao became CEO of Vodafone in 2008 and presided over a transformation from a consumer 2G and 3G player into a converged telecoms giant with a broad telecoms portfolio, including a scope on fibre and the internet of things (IoT) via NB-IoT. He will be succeeded by the group's finance chief Nick Read, while deputy CFO Margherita Della Valle will take the top finance job.

Colao seems to be leaving on a moderate high, with 2017 numbers revealing a 15% increase in operating profit despite a 2% fall in revenues.

"It's a new chapter that will take five years and beyond to be written. and it's right to start with a new dedicated management team". "Intense competition is an euphemism". The CEO announced last week that the telco had struck an €18 billion deal to buy Liberty Global's German and Eastern European cable assets after years of wrangling and rumours, whilst it is also close to completing a merger of Vodafone India and rival Idea Cellular. Last month, the UK's Vodafone and Bharti Airtel agreed to jointly control the merged tower entity, to be called Indus Towers, as equal shareholders.

The net debt of Vodafone India stood at 58,119 crore or 7.7 billion euro at the end of the period, down from Rs 64,014 crore (8.7 billion euro) at the end of the prior financial year. There was an 86 per cent decline in data price on year-on-year basis.

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Dixon Police Department created the resource officer position in 2000 to help prevent this type of occurrence. Howell said there is no further threat to the school and police are confident the gunman acted alone.

Vodafone Group did not include India business in their financial performance. "Vodafone India has been classified as discontinued operations for Group reporting purposes", Vodafone said.

"While the succession news may have caught the markets off-guard, it appears to be an orderly change within the group", Accendo Markets analyst Artjom Hatsaturjants said as Vodafone's share price dropped 2.6 percent in London morning deals. Airtel's ARPU in the quarter was Rs 116, Idea's was Rs 105, lagging behind Jio's Rs 137.1.

The company added 76 million data users in the year, taking its total subscriber base to 223 million.

On the tax case arbitration under the Netherlands-India Bilateral Investment Treaty, Vodafone Group said the company will file its response to India's defence in July and India will respond in December.

There doesn't seem to be any juicy gossip behind the move, he has presumably just chose to spend more time with his cash, having spent a decade in charge.

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