Vodafone shares rise amid latest shake-up of senior management team
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Vodafone Italy boss to lead telecom giant’s commercial efforts amid major shake-up from senior management team
- The boss of Vodafone Spain has stepped down, according to a stock market update
- The telecom giant saw its shares rise today, but they have fallen over the past year
Vodafone has appointed the CEO of its Italian company Aldo Bisio as Group Chief Commercial Officer, as part of a major shake-up of senior management.
Bisio, who joined the group in 2014, will assume the new role effective immediately, but will retain his current position.
Meanwhile, Vodafone Spain boss Colman Deegan will step down on March 31 if the country joins the group’s “European cluster,” reporting to Serpil Timuray, the group told investors on Thursday. Deegan will continue to work with interim group president Margherita Della Valle until the end of July.
Shake-up: Vodafone Spain boss has resigned in latest shake-up of senior management at the telecom giant
Vodafone shares rose today and rose 5.07 percent or 4.45p this afternoon to 92.27p. But the group’s share price is down more than 20 percent in the past year and about 60 percent on a five-year basis.
In December, Vodafone announced that the group’s CEO, Nick Read, would leave the company by mutual consent after four years. He was temporarily replaced by financial director Della Valle.
The executive shake-up follows a challenging period for Vodafone, which warned of profits in November.
It cited higher energy costs, stiff competition in Spain and Italy, and a weak performance in Germany, its largest market accounting for about 30 percent of group sales.
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 commercial performance and drive shareholder value.”
Vodafone confirmed on Monday that it will sell its Hungarian branch. Nearly half of the company will go to the Hungarian government, while 4IG’s Antenna Hungaria, the provider of national digital terrestrial television and radio in Hungary, will receive a 51 percent stake.
Hungary’s economy minister said the purchase would strengthen Hungarian national ownership in a sector and the deal is expected to close by the end of the month. under usual conditions.
In October, Vodafone confirmed talks with Hutchison’s Three about a UK merger to create a UK telecom leader that would surpass EE and Virgin Media O2 in terms of mobile customer numbers.