With the revenues from Europe slowing, Vodafone's new CEO, Vittorio Colao, has dramatically reshaped the senior management with greater emphasis on emerging markets -- an area becoming increasingly critical to the future success of the company.
Paul Donovan, the existing head of Vodafone's emerging markets, which includes the unwieldy grouping of Central Europe/Africa and Asia Pacific, has 'resigned' as a result. This region, which generates more than a quarter of Vodafone's turnover, will be split and run by two, as yet unnamed, senior executives.
But these moves have stoked the rumour mill as to what the company will do with its Verizon shareholding and how it can charm Vivendi into releasing hold of SFR, the No. 2 operator in France.
That Colao is taking the US operation for himself shows how important it has become, and the appointment of Frenchman Michel Combes to CEO of Vodafone Europe is intriguing. Who better than a Frenchman to help orchestrate a move on Vivendi, which at a mere €29 billion and with no controlling shareholder, would be a small mouthful for the British giant.
For more on this story:
- go to The Times and The Telegraph
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