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Colao to step down from Vodafone after 10 years in charge

Colao to step down from Vodafone after 10 years in charge

Business
Vodafone's chief executive Vittorio Colao will step down on October 1 after more than 10 years in charge of the world's second-largest mobile phone company. Nick Read, group chief financial officer, who will become chief executive designate from July 27, will replace Mr Colao.Under Mr Colao's tenure, Vodafone sold its joint venture with Verizon for $ 130bn and merged its business in India with Idea Cellular.Last week, Vodafone agreed to buy Liberty Global's cable operations in four European countries for £16.1bn as the mobile phone operator extends its reach to 110 million homes and businesses by offering fixed-line and TV services.Vodafone group chairman Gerard Kleisterlee said: "I would like to express our gratitude to Vittorio for an outstanding tenure."He has ...