Vodafone chief executive Vittorio Colao will step down in October after 10 years in charge of the world's second largest mobile operator, and will be succeeded by finance director Nick Read, the company said on Tuesday. "At the date of the group's annual general meeting on 27 July 2018, deputy CFO Margherita Della Valle will succeed Nick Read as group chief financial officer and will join the board, and Nick Read will become group chief executive-designate", it said.
This is reflected in the guidance alongside full-year results for low-to-mid single digit organic growth for the year ahead.
The Vodafone Group Plc Board conducted a succession planning process that involved the detailed assessment of potential internal and external candidates. Margherita Della Valle, now deputy CFO, will succeed Read as CFO.More news: Lightning pull game back in Eastern Conference final
There doesn't seem to be any juicy gossip behind the move, he has presumably just made a decision to spend more time with his cash, having spent a decade in charge.
This includes last week's deal with Liberty Global for Vodafone to acquire cable networks in Germany, the Czech Republic, Romania and Hungary. Colao also oversaw one of the biggest deals in corporate history when Vodafone sold its stake in Verizon Wireless for $130bn (€109bn) in 2013. 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. He also served as a board member of a number of Vodafone's emerging markets subsidiaries including Vodacom Group and Vodafone India.
Vodafone on Thursday gave its outlook for next fiscal year, forecasting 2019 organic adjusted earnings before interest, taxes, depreciation and amortisation of between 14.15 billion euros (S$22.5 billion) and 14.65 billion euros, compared with the average estimate of 14.6 billion euros.More news: Sony Ends Production of Physical PlayStation Vita Games
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. "After India, after Liberty, this is a new story that will take five years to be written".
For Colao, what life after Vodafone will look like hasn't been decided, he said.
"I'm going to be working flat out until October and then I will start thinking and evaluating options and alternatives", Colao said.More news: Andy Samberg wants celeb fans to guest star on 'Brooklyn Nine-Nine'