Vodafone Italy boss to lead telecommunications giant’s business efforts in major management team shake-up
- Vodafone Spain boss resigned over stock market update revealed
- The telecoms giant saw its shares rise today but fell last year
Vodafone has appointed the chief executive of its Italian business Aldo Bisio as group chief commercial officer, as part of a major senior management shake-up.
Bisio, who joined the group in 2014, will take up his new role with immediate effect but will retain his current position.
Meanwhile, Vodafone Spain boss Colman Deegan will step down on March 31 as the country joins the group’s “European cluster”, reporting to Serpil Timuray, the group told investors on Thursday. Deegan will continue to work with the group’s interim chief executive, Margherita Della Valle, until the end of July.
Reshuffle: The boss of Vodafone Spain has quit in the latest senior management reshuffle at the telecoms giant
Shares of Vodafone rose today and rose 5.07% or 4.45p to 92.27p this afternoon. But the group’s share price has fallen more than 20% in the past year and around 60% over five years.
In December, Vodafone announced that group chief executive Nick Read was leaving the company after four years by mutual agreement. He was replaced by CFO Della Valle on a temporary basis.
The executive reshuffle follows a difficult period for Vodafone, which in November warned of profits.
He cited higher energy costs, fierce competition in Spain and Italy and weak performance in Germany, its biggest market accounting for around 30% of group revenue.
Della Valle said: “I would like to thank Colman for his leadership of Vodafone Spain and congratulate Aldo and Serpil on their new responsibilities as we work together to accelerate our business performance and drive shareholder value.”
On Monday, Vodafone confirmed that it was selling its Hungarian branch. Just under half of the business will go to the Hungarian government while Antenna Hungaria of 4IG, the provider of national terrestrial digital television and radio in Hungary, will receive a 51% stake.
In October, Vodafone confirmed talks with Hutchison’s Three on a merger in Britain to create a UK market telecommunications leader that would overtake EE and Virgin Media O2 in terms of the number of mobile customers.