Here's when: Vodafone boss to stand down after 10 years

15 May, 2018, 22:18 | Author: Essie Rivera
  • Vittorio Colao is stepping down from Vodafone

Vodafone boss Vittorio Colao will step down in October after 10 years at the helm of the world's second-largest mobile operator. That is impressive given how much fierce competition, regulation and the growth of messaging services such as Facebook's WhatsApp have dragged on Vodafone and peers in the past decade.

The announcement comes less than a week after Vodafone unveiled a deal to turn it into Europe's largest cable and broadband operator by buying assets from USA peer Liberty Global.

"After all, Vodafone is an established player in a mature market and has few levers to pull for growth".

"We have made good progress in securing approvals for the merger with Idea Cellular in India - which is expected to close imminently - and appointed the new management team, who will focus immediately on capturing the sizeable cost synergies".

Last week Vodafone struck a $21.8 billion deal to buy Liberty Global's cable TV and broadband networks in Germany and other markets to strengthen its business in Europe, where 35 percent of its proforma revenue came from fixed line a year ago.

On the face of it this appears to be sensible timing for change. Margherita Della Valle, VOD's Deputy CFO, will take over as CFO on July 27, 2018.

Chief financial officer Nick Read, 53, has been promoted to the top job, having been groomed as the preferred internal candidate. He joined Vodafone in 2001 as Vodafone UK Finance Director before being appointed Vodafone UK Chief Commercial Officer then Vodafone UK CEO.

Fighting in West Afghanistan as Taliban Attempts to Capture City
Reinforcements including commando units as well as the Afghan air force were battling Taliban fighters around the city, he said. In 2017, insurgents tried to overrun the capital three times, according to the Afghanistan Analysts Network.

SpaceX's Upgraded Falcon 9 Rocket Finally Soars To The Skies
Though this was the first landing for a Block 5 first stage, it was the 25th overall for a Falcon 9 during an orbital launch . But in the eight-year history of flying Falcon 9 rockets, SpaceX has only ever sent the same rocket to space twice.

National Football League suspends Saints running back Mark Ingram
Ian Rapoport of NFL.com and the NFL Network reported the suspension on Twitter and NFL.com announced it on the league's website. Ingram is headed into a contract season, and the Saints will probably be preparing to move on.

The reduction in mobile termination rates added to the woes of the company. The challenge for Read, who is now the company's chief financial officer, is to make a success of the giant Liberty Global deal at a company that's more used to pruning than growing its portfolio. The two agreed to merge their Dutch businesses in 2016. The tricky task of convincing them otherwise will be Read's problem. The mobile customer base doubled from 269 million to 536 million during his tenure, and the company added almost 20 million broadband customers.

Looking ahead, Vodafone expects to grow adjusted organic Ebitda by 1% to 5%, excluding the impact of United Kingdom handset financing in both years, and the significant benefit in the prior year from regulatory settlements in the United Kingdom and a legal settlement in Germany.

The telecom company's organic service revenue came in at Rs 35,045 crore in FY18 compared to Rs 42,927 crore service revenue registered in the preceding fiscal year.

Read said he had been alongside Colao through the process of reshaping Vodafone, and he would now deliver the benefits for shareholders and customers.

Colao, however, said the business had been transformed. Analysts have long speculated that the former McKinsey & Co. consultant could shift back to Italy - where he joined Vodafone through its acquisition of Mannesmann - to move into Italian politics.

He added he would be working flat out until his departure in October, but that he had no plans after that. "Frankly today I have none".

Recommended:

  • How Google is trying to fix your phone addiction

    How Google is trying to fix your phone addiction

    It's common to look at your smartphone and realize that all the apps you've left open have sucked away the battery life. Typically, Android Auto essentially mirrors your phone - with a special on-screen interface designed for the vehicle .
    Youth who was injured critically in Shopian clashes, succumbs

    Youth who was injured critically in Shopian clashes, succumbs

    A policeman and a soldier of 44 RR were also injured in the initial exchange of fire with the militants, reports said. Security personnel and protesters clash following a gunbattle between the forces and rebels in Srinagar , on Sunday.
    Windows Timeline is coming to Android in the Microsoft Launcher

    Windows Timeline is coming to Android in the Microsoft Launcher

    Diane Bryant, a former Intel executive who is now at Google's cloud, told Wired that Microsoft was the reason Intel bought Altera. Sets will allow you to open multiple instances of your apps in tabs, just like you would use your browser.
  • Amanda Nunes Says Raquel Pennington's Corner Failed Her at UFC 224

    Amanda Nunes Says Raquel Pennington's Corner Failed Her at UFC 224

    Nunes mentioned how her 18-month layoff might have impacted her conditioning, and led to her asking out early. Pennington could land a takedown, and Nunes could suffer some awkward, fight-ending injury during the fall.
    What will happen when our sun dies?

    What will happen when our sun dies?

    According to Science Daily, a team of researchers designed a new model predicting the lifespan of stars. Data from the model also sheds insight on a problem that had astronomers confused for years.
    Man Preliminary Socceroos World Cup Squad Announced

    Man Preliminary Socceroos World Cup Squad Announced

    Van Marwijk will trim his squad down to 26 next week before the Socceroos head overseas to Turkey for a 20 day camp. Striker Jamie Maclaren was also recalled after some strong performances for Hibernian in the Scottish Premiership.
  • Iran Calls for Clarity Over Nuclear Deal After Talks With China

    Iran Calls for Clarity Over Nuclear Deal After Talks With China

    European governments are scrambling to save billions of dollars in trade with Iran that resumed thanks to the 2015 accord. Tehran has repeatedly said that it would never accept re-negotiating the nuclear deal.
    Zarif embarks on journey to save nuclear deal by first visiting China

    Zarif embarks on journey to save nuclear deal by first visiting China

    FM says Tehran is "ready for all options" as he embarks on tour with pact's other signatories in wake of U.S. withdrawal. Earlier in the week, France, Germany and the United Kingdom expressed "regret and concern" over the US' withdrawal.
    Trump to send 57000 Hondurans back home

    Trump to send 57000 Hondurans back home

    Groups that favor limited immigration praised the administration's decision, saying the effects of Hurricane Mitch are long-gone. DHS typically terminates TPS for a country with an effective date in the future so people can get their affairs in order.
  • YouTube's new feature lets you stop watching YouTube

    YouTube's new feature lets you stop watching YouTube

    So it's likely that in the near future, you'll see plenty of other apps coming out with an updated Material Design look and feel. A Youtube take a break reminder will pop up on your screen after the scheduled time, but it doesn't ruthlessly lock you out.
    North Korea invites the world to watch its destruction of nuclear site

    North Korea invites the world to watch its destruction of nuclear site

    Kim revealed plans to shut down the nuclear test site during his summit with South Korean President Moon Jae-in last month. Thank you, a very smart and gracious gesture!", Trump wrote on Twitter. "I really think a lot of progress has been made".
    Utah homicide suspect arrested in southeast Colorado

    Utah homicide suspect arrested in southeast Colorado

    A man wanted for murdering and sexually assaulting a teenager in Salt Lake City Utah was taken into custody in Rocky Ford. The warrant stems from earlier sexual involvement with the Bagshaw, police have said.


Popular

Lewis Hamilton's dominance leaves questions for Ferrari
Hamilton had a clean start, with Vettel moving from third to second by passing Bottas on the outside of Turn 1. Ricciardo cut under the 1:19 mark on lap 61, but it meant little to the Australian, in a lonely P5.

Food drive aims to stamp out hunger
Last year, postal carriers collected 75.3 million pounds of food, assisting an estimated 30 million families. Residents were encouraged to leave non-perishable, non-breakable and non-expired food at their mailboxes.

Google will require that phone makers roll out monthly security updates
For users who are craving out to run this latest version of Android on their devices, there's some good news for some of you. With Google Assistant integration, you can quickly get your transit updates and traffic details using your voice commands.

Geologists say Kilauea volcano could soon explode
The plant, which is owned by Ormat Technologies of Reno, Nevada, is across a highway from where lava has been erupting. Plant manager Mike Kaleikini said Thursday that all the fuel was moved off-site to a secure location.

Boris Johnson tears into Prime Minister's "crazy" customs plan
Main Brexiteer Jacob Rees Mogg mentioned immediately it was one other instance of "Mission Concern" taking up once more. The UK would collect tariffs set by the EU customs union on goods coming into the UK on behalf of the EU.

Carlos Carvalhal to leave Swansea City
Huddersfield sealed a huge point against Manchester City at the weekend and you'd expect that to be just about enough for them. Yet that season was over 42 games not 38 so, by any yardstick, City have been truly exceptional.

BT to cut 13000 jobs
Around 80 per cent of its staff are now based in around 50 locations, with some cities hosting multiple offices. As part of the restructuring the firm will abandon its London HQ in favour of 30 "modern strategic sites".

California's new homes to have solar by 2020; SunRun shares jump
There are still significant upfront costs of requiring the solar panels on rooftops of new homes. But consumers would get that money and more back in energy savings, according to the commission.

Google and JBL have made a Hybrid Android TV soundbar
The Link Bar plugs into a TV set using HDMI and enhances a TV with support for Google assistant and Android TV . Undoubtedly, one of the major announcements at this year's Google I/O will be the updates on Android P .

"Beersheba - Eilat": Elia Viviani won the second stage in a row
Cyclist ride during the last stage at the Giro d'Italia, near the Makhtesh Ramon Crater in Southern Israel on May 6, 2018. On Sunday evening, the riders and support teams will fly to Sicily for a rest day on Monday and resume the tour on May 8.