- Push-out Score suggests push-out forces
- After around 10 years in the position
- Accolades, praise and thanks for Colao
- Nick Read taking over
(exechange) — Newbury, United Kingdom, May 15, 2018 — Vittorio Colao, chief executive of Vodafone, leaves. His departure is made public at an early stage. As announced by Vodafone Group Plc in a news release on Tuesday, May 15, 2018, Vittorio A. Colao leaves his post as Chief Executive Officer at the British telecommunications conglomerate after around 10 years in the position, effective October 1, 2018.
It is the end of an era.
Colao’s duties will be taken over by Nicholas Jonathan (Nick) Read, currently Chief Financial Officer of Vodafone Group Plc.
No reason given
In the announcement, Vodafone did not explicitly explain the reason for Colao’s move, leaving room for speculation.
Precise information about Colao’s future plans was not immediately available.
Vodafone said: “Effective 1 October 2018, Vittorio Colao will be succeeded by Group Chief Financial Officer Nick Read.”
Vodafone said: “The Vodafone Group Plc Board conducted a succession planning process that involved the detailed assessment of potential internal and external candidates.”
Share price decline
The change follows a decline in the share price of Vodafone Group Plc since May 2015.
Chaired by Gerard Kleisterlee
Vodafone Group Plc is chaired by Gerard Kleisterlee.
Gerard Kleisterlee became chairman of Vodafone Group Plc on July 26, 2011 at the conclusion of the AGM, having previously served as a non-executive member of the Board.
In the position of CEO since 2008
Vittorio Colao was appointed Chief Executive of Vodafone Group Plc after the AGM on July 29, 2008.
He joined the Board in October 2006 as Chief Executive, Europe and Deputy Chief Executive.
The early part of his career was spent in the Milan office of McKinsey & Company working on media, telecommunications and industrial goods, with additional responsibility for recruitment.
In 1996 he joined Omnitel Pronto Italia, which subsequently became Vodafone Italy, and he was appointed Chief Executive in 1999.
He was then appointed regional Chief Executive Officer, Southern Europe for Vodafone Group Plc in 2001, became a member of the Board in 2002 and was appointed to the role of Regional Chief Executive Officer for Southern Europe, Middle East and Africa for Vodafone in 2003.
In 2004 he left Vodafone to join RCS MediaGroup, the leading Italian publishing company, where he was Chief Executive until he rejoined Vodafone as CEO, Europe.
He sits on the International Advisory Board of Bocconi University, Italy and is a Member of the Steering Committee of the European Round Table of Industrialists.
Vittorio also joined the board of Unilever as a Non-Executive Director in July 2015.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Vittorio Colao’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 21.2018 ($).