VODAFONE today moved to plug a major gap on its board by re-employing a former director who has been a long-standing friend and colleague of chief executive Arun Sarin.
Vittorio Colao, 44, left Vodafone two years ago to run Italian publisher RCS Media, which owns Italy's leading newspapers Corriere della Sera and Gazetta dello Sport.
He was forced to resign in July after a disagreement on future strategy with the group's 15 major shareholders, led by Mediobanca, Fiat and Pirelli. This followed a 60% fall in first-quarter profits. He was due to leave the Italian company next week.
Colao rejoins Vodafone as both chief executive of its European business and deputy chief executive of the group, or number two to Sarin. However, sources close to the company were quick to play down talk that Colao is, therefore, heir apparent to Sarin, who has spent much of this year under pressure from dissatisfied investors with many calling for his departure.
Colao succeeds Sir Julian Horn-Smith, who retired as deputy chief executive at July's annual meeting. He also takes on the European role which had been earmarked for Bill Morrow, the former head of Vodafone Japan, who unexpectedly announced he was leaving the group and returning to the US to spend more time with his family. |
