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It is a difficult decision to step down, says Vodafone CEO Vittorio Colao

Press Trust of India  |  London/New Delhi 

Group today said he will step down from the post by September end and it was a "difficult decision" to make after being at the of affairs for about a decade.

was appointed Officer of the UK-based group in July 2008-- almost a year after brand was launched in

He constantly kept close watch on from his global position.

"I will step down as .. It is a difficult decision to step down as from a company where you have been for 10 years," said.

In a statement, said: "Effective 1 October 2018, will be succeeded by Financial Officer "

Colao has been very vocal on policy and industry issues arising out of including high spectrum cost, tariff war, legal tussle with and regulator.

The 56-year old Italian origin CEO inherited Rs 22,100 crore tax dispute between Vodafone and for a deal between Hutchinson and Vodafone in 2007 that paved entry of the operator in India.

In 2012, the of India ruled in favour of Vodafone but government made amendment in tax regime same year and served notice to the British firm again.

Vodafone has challenged the tax notice under Netherlands-India Bilateral Investment Treaty and the matter is currently arbitration.

Colao regime took major decision to merge with firm for sustenance of the two debt-ridden firm amid intense tariff war in India.

"We have reshaped India completely," Colao said.

By the time Colao moves steps down from his position, would have reduced its exposure in India with merger in to a joint venture with

Vodafone said that over the last ten years, he has overseen a strategic reshaping of the group, exiting minority shareholdings to focus on controlled and co-controlled assets while growing mobile customer numbers from 269 million to 536 million (plus 19.7 million customers) over 25 countries, including significant businesses in India, Egypt, and across Africa, Vodafone said.

Read was appointed the group's and joined the Board in April 2014.

He was previously the Group's for the Africa, and region and served as a of a number of Vodafone's emerging including and

Read joined Vodafone in 2001 as Finance Director before being appointed then

Prior to joining Vodafone, held senior global with United Media Plc and

"At the date of the Group's Meeting on 27 July 2018, Valle will succeed as Financial Officer and will join the Board, and Nick Read will become Executive-Designate," Vodafone said.

Valle was appointed in 2015. She was previously Group Chief Financial Controller, Chief Financial Officer for the region, for Vodafone Italy.

"On behalf of the Board, I would like to express our gratitude to Vittorio for an outstanding tenure. I would also add that the appointment of Nick and Margherita serves as a testament to the strength and depth of the Vodafone senior leadership team that Vittorio has assembled and led over the last decade," Vodafone Group said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 15 2018. 20:25 IST
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