Vodafone restructure ignites minority sale talk; new CFO for Verizon Wireless – Mobile World Live

Vodafone restructure ignites minority sale talk; new CFO for Verizon Wireless

10 SEP 2010

Vodafone Group has announced its planned adoption of a new corporate structure, which was seen as indicating that the company is, as previously reported, mulling the disposal of its non-core assets in the US, France, Poland and India (Bharti Holdings). These businesses have now been removed from the Group’s regional units, to be overseen by Vodafone’s Group CEO, CFO and strategy & business development director, who will all be responsible “for effecting strategies to maximise shareholder value from Vodafone’s investments.” The reorganisation also sees the creation of a new Group Commercial division, which will include Group Marketing, Vodafone Business Services, Vodafone Global Enterprise, Partner Markets and “other commercial units”.  Vodafone’s operating companies are to be split into two regions: Europe, under existing regional CEO Michel Combes, and Africa, Middle East and Asia Pacific, under Nick Read (pictured). The new structure will come into force on 1 October 2010. Earlier this week Vodafone confirmed it had sold its 3.2 percent stake in China Mobile, the world’s largest operator by subscribers, for around £4.3 billion.

There has also been a change of CFO at Verizon Wireless, Vodafone Group’s US affiliate, a role that is traditionally held by a Vodafone executive. The new appointee is Andrew Davies, the current CFO of Vodafone Essar, who has also been CFO of Vodafone Turkey, finance director of Vodafone Japan, and head of finance for the consumer unit at Vodafone UK. The incumbent, John Townsend, has been named regional CFO, Europe, for Vodafone Group, effective as of 15 November 2010. Looking back, Townsend was appointed to the Verizon position in 2005 after having spent twelve years with Vodafone Group, replacing Andy Halford, who is now CFO of Vodafone Group.

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