Vodafone Group Plc (ADR) (NASDAQ:VOD) stock took a hit today on news that its CEO is stepping down.
Vittorio Colao, the current CEO of Vodafone Group Plc, will be leaving the role behind come October 1, 2018. At this time, current CFO Nick Read will take over as the new CEO of the company. This will bring an end to Colao’s 10-year tenure as CEO of the wireless company.
“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,” Gerard Kleisterlee, Chairman of Vodagone Group Plc, said in a statement. “I am confident Vodafone will benefit greatly from his experience, insight and wisdom in his new role as Group Chief Executive.”
Nick Read taking over as the new CEO of Vodafone Group Plc isn’t much of a surprise. When speaking with investors about its deal to acquire assets from Liberty Global PLC (NASDAQ:LBTYA), Read did most of the talking.
Vodafone Group Plc says that Read was chosen as the successor to Colao following an extensive search for a replacement CEO. The company notes that this had it looking at both internal and external candidates.
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. Margherita Della Valle, VOD’s Deputy CFO, will take over as CFO on July 27, 2018. She will also join the company’s Board of Directors at this time.
VOD stock was down 4% as of Tuesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.