UK mobile operator Vodafone will reduce its regional divisions from three to two, as it scrambles to placate shareholders’ vocal complaints about its overseas minority investments.
From October 1, the group’s operating companies will be classified into…
UK mobile operator Vodafone will reduce its regional divisions from three to two, as it scrambles to placate shareholders’ vocal complaints about its overseas minority investments.
From October 1, the group’s operating companies will be classified into two operating regions: Europe, which will be led by Regional CEO Michel Combes, and Africa, Middle East and Asia Pacific, led by Regional CEO Nick Read.
Morten Lundal, who was CEO of the now defunct Central Europe & Africa Region, will head up Group Commercial, a new unit that will be responsible for Vodafone’s entire commercial activity.
Significantly, Vodafone’s investments in Verizon Wireless, SFR, Polkomtel and Bharti Holding will no longer be held within its regional structure. Instead, Vodafone’s Group CEO, CFO and strategy & business development director will be responsible for these investments, some of which have been a source of recent contention among shareholders.
Speculation has been rife this summer that Vodafone was looking to exit its minority stakes. In July, CEO Vittorio Colao said he did not see minority stakes as core, and chairman John Bond has faced calls to resign over the operator’s strategy and minority stake building.
A unit called Group Technology, led by Group CTO Steve Pusey, will handle all technology functions in Vodafone’s operating companies.
