Vodafone said on Thursday that CFO Andy Halford,has handed in his resignation notice after nine years with the company and intends to leave in March after the conclusion of Vodafone's transaction to sell its 45 per cent stake in Verizon Wireless to Verizon Communications.
Vodafone said it has appointed Nick Read as group CFO-designate, effective starting Jan. 1 He will be appointed to the Vodafone board on April 1. Read's position as CEO of the Africa, Middle East and Asia-Pacific (AMAP) region will be taken over by Serpil Timuray, the current CEO of Vodafone Turkey, starting January, and Gokhan Ogut will become the next CEO of the Turkish unit.
"It has been a privilege to work for one of the greatest businesses of our era for almost half of its life and to have been involved with Verizon Wireless from the earliest days," Halford said in a statement. "Next year will be the right time for me to move on."
Vodafone CEO Vittorio Colao said Halford had played an integral role in creating immense value for the group's shareholders and shaping the future direction of the group.
Halford plans to leave once Vodafone's plan to sell its 45 per cent stake in Verizon Wireless to Verizon for $130 billion (£80.4 billion) has been finalised. He will therefore leave the company on a high note, having seen through one of the largest deals in the company's history.
However, as the Financial Times noted, he may yet leave without resolving the long-running settlement of a tax dispute with the Indian government.
Vodafone likely to continue shopping spree after securing Kabel Deutschland
Verizon shatters record, sells $49B in bonds to finance Vodafone deal
In wake of Verizon deal, Vodafone turbo-charges network spending with 'Project Spring'
Verizon to buy Vodafone's 45% stake in Verizon Wireless for $130B
Report: After Verizon deal, AT&T could target rest of Vodafone