Voda India posts Rs 9805-cr operating profit for FY18

Vittorio Colao of Vodafone Group

Vittorio Colao steps down after decade at Vodafone

"Effective October 1, 2018, Vittorio Colao will be succeeded by Group Chief Financial Officer Nick Read", the company said in a statement announcing the succession plan.

The president of Vodafone, Gerard Kleisterlee, has thanked his work to Colao, which he has described as an "exemplary leader" and a "strategic visionary" that has monitored "dramatic transformation of Vodafone".

Just last week Colao, 56, struck a long-expected $21.8 billion (roughly Rs. 1.5 lakh crores) deal to buy Liberty Global's cable TV and broadband networks in Germany and Eastern Europe.

"Ultimately Colao's successor, current chief financial officer Nick Read, could also be running to stand still".

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Read's deputy since 2015, Margherita Della Valle will replace him as finance director.

The announcement came as Vodafone revealed its full-year financial results, which saw revenue dip 2.2% to €46.6 billion, hit by struggles in the Indian market, where EBITDA has declined by more than a third. The telco attributed the drop primarily to the deconsolidation of Vodafone Netherlands and currency movements.

Colao's legacy includes pulling the company out of the U.S. by abandoning a joint venture with American telecoms giant Verizon and striking a $22 billion deal with the world's biggest worldwide TV and broadband company, Liberty Global.

Vodafone India today posted operating profit of Rs 9,805 crore for the fiscal ended March 2018, largely on the back of Rs 3,850 crore gains from the sale of mobile towers.

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Vodafone Group Plc also says that it already has its CFO replacement ready to replace Read as he prepares to take over as its CEO. "Vittorio will leave as his legacy a company of great integrity with strong inclusive values that is exceptionally well-positioned for the decade ahead".

Vodafone group chairman Gerard Kleisterlee remarked: "Nick has been the co-architect of the Group's strategy together with Vittorio, combining extensive global operational and commercial leadership with world-class financial acumen".

"The overall improvement in Vodafone's fortunes over the last 10 years is less evident in the United Kingdom, the company's worst major European market, albeit that some of this reflects an inherently more competitive mobile market with four strong players", he added.

"Losses continued in India as service revenue declined 18.7 per cent as a result of intense price competition from the new entrant, aggressive competitor responses and a significant reduction in MTRs (mobile termination rates)", Vodafone said.

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