It is a difficult decision to step down as CEO from a company where you have been for 10 years," Colao said.In a statement, Vodafone said: "Effective 1 October 2018, Vittorio Colao will be succeeded by Group Chief Financial Officer Nick Read . "At the date of the Group's Annual General Meeting on 27 July 2018, Deputy CFO Margherita Della Valle will succeed Nick Read as Group Chief Financial Officer and will join the Board, and Nick Read will become Group Chief Executive-Designate," Vodafone said.Valle was appointed Deputy Group Chief Financial Officer in 2015. She was previously Group Chief Financial Controller, Chief Financial Officer for the Europe region, and Chief Financial Officer 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 Chairman Gerard Kleisterlee said.

Source: Economic Times May 15, 2018 14:48 UTC