The chief executive officer (CEO) of the British telecommunications operator Vodafone Group Plc Vittorio Colao, who occupied this position during the last decade, resigns, according to Vodafone message on Tuesday, May 15.
Colao will resign from October 1, 2018; the current CFO Nick Read will assume position of the acting CEO. Read’s deputy Margherita Della Valle will assume post of the chief financial officer from July 27.
As per results of the financial year, which ended March 31, the pretax profit increased to €3.9 bln from €2.8 bln in the last FY. The annual net profit was €2.4 bln versus the net losses, amounting to €6.3 bln in the previous year.
The adjusted EBITDA is the main indicator of the profitability of company’s operations – last year, it increased by 12% with increase by 10%, expected by Vodafone itself. According to the company’s forecast, in the current financial year, its adjusted EBITDA will increase by 1-5%.
The annual profit of the company decreased by 2.2% - up to €46.6 bln. The experts, surveyed by FactSet, forecast Vodafone’s profit at €46.1 bln.
Just several weeks ago, Vodafone announced about the sale of European assets of the telecommunication company Liberty Global Plc for EUR 18 bln that became the largest acquisition for British telecommunications operator for last years. In addition, Vodafone is currently merging its Indian business with Idea Cellular – this deal is expected to be closed in this June.