Vodafone chief executive Vittorio Colao steps down in October and will be succeeded by chief financial officer Nick Read

Rebecca Smith
Vittorio Colao is stepping down from Vodafone
Vittorio Colao is stepping down from Vodafone (Source: Getty)

Vodafone chief executive Vittorio Colao will leave the company in October and be succeeded by chief financial officer Nick Read, the telecoms giant announced this morning.

Colao has been at the helm since 2008, with Vodafone saying he had overseen the company's shift, assuming "a diverse portfolio including the largest mobile and fixed next-generation network in Europe".

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."

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At the company's annual general meeting in July, deputy chief financial officer Marghertia Della Valle will take over as chief financial officer, with Read becoming group chief executive-designate.

Read was appointed chief financial officer, joining the Vodafone board in 2014 and had previously served as the group chief executive for the Africa, Middle East and Asia Pacific region.

Kleisterlee added:

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.

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