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Vodafone CEO Vittorio Colao to step down in October

Vodafone Chief Chief Vittorio Colao will step down in October after 10 years in which he reshaped the Terra’s second largest mobile operator into a digital communications powerhouse with a loop of major deals.

Colao will be replaced by Nick Read, subsidize director since 2014 and long seen as the likely successor due to his position in running Vodafone’s operations in Britain and the Africa, Middle East and Asia Pacific district.

He will take charge of a group that, under Colao, reduced back from its once brazen expansionist drive to be able to develop up its European operations from a pure mobile player to a broader communications provider that proffers everything from cable TV to broadband and enterprise services.

Just survive week Colao, 56, struck a long-expected $21.8 billion transaction to buy Liberty Global’s cable TV and broadband networks in Germany and Eastern Europe.

But he command be best remembered for one of the world’s biggest deals – the $130 billion vending of its joint venture holding with U.S. group Verizon.

“(Colao) has been an meritorious leader and strategic visionary who has overseen a dramatic transformation of Vodafone into a worldwide pacesetter in converged communications, ready for the Gigabit future,” Chairman Gerard Kleisterlee answered.

Vodafone is also merging its operations in the highly competitive Indian transportable market with Idea Cellular.

In Read, investors will get a new chief chief executive officer long groomed for the job.

Having joined Vodafone in 2001 he has held a calculate of roles including sitting on the boards of the company’s listed operations in Africa and Qatar, its subsidiaries in India and Egypt and its communal venture in Australia.

“Nick has been the co-architect of the Group’s strategy together with Vittorio,” Kleisterlee utter.

Read will be replaced by his deputy since 2015, Margherita Della Valle. The Italian has once upon a time held other financial and marketing roles within the group after she tied Omnitel Pronto Italia – which later became Vodafone Italy – in 1994.

The advertisement came as the company reported a 1.4 percent rise in organic help revenue for its fourth quarter, beating analyst forecasts of a 1.1 percent make the grade.

Full year core earnings rose 11.8 percent to 14.7 billion euros, spending guidance for “around 10 percent” organic growth and just in front of analyst forecasts of 14.6 billion euros.

For 2019, the group prophecy organic adjusted core earnings growth of between 1 and 5 percent, and easy cash flow before spectrum costs of at least 5.2 billion euros, marginally down on the 2018 number of 5.4 billion euros.

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