Vodafone has announced that Nick Read, currently the group’s CFO, will succeed Vittorio Colao has the group’s chief executive on October 1.
Meanwhile, at the date of Vodafone’s AGM on July 27, deputy CFO Margherita Della Valle will succeed Read and join the board, and Read will become group chief executive-designate.
Colao was appointed chief executive in July 2008 and in his 10-year tenure has seen Vodafone transformed from a consumer-focused 2G/3G mobile operator into one of the world’s leading converged communications companies.
Read, on the other hand, was appointed group CFO and joined its board in April 2014. He was previously Vodafone’s chief executive for the Africa, Middle East and Asia Pacific region and served as a board member of a number of Vodafone’s emerging markets subsidiaries including Vodacom Group and Vodafone India. He joined Vodafone in 2001 as Vodafone UK finance director before being appointed Vodafone UK CCO then Vodafone UK chief executive.
Commenting on the development, Vodafone group chairman Gerard Kleisterlee said: “On behalf of the board, I would like to express our gratitude to Vittorio for an outstanding tenure. 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. Vittorio will leave as his legacy a company of great integrity with strong inclusive values that is exceptionally well-positioned for the decade ahead.”
“Nick has been the co-architect of the group’s strategy together with Vittorio, combining extensive international operational and commercial leadership with world-class financial acumen. I am confident Vodafone will benefit greatly from his experience, insight and wisdom in his new role as group chief executive. Margherita has a strong track record in financial leadership at the highest levels, and I am delighted to welcome her to the board. I would also add that the appointment of Nick and Margherita serves as a testament to the strength and depth of the Vodafone senior leadership team that Vittorio has assembled and led over the last decade.”
