LONG-SERVING Vodafone finance executive Andy Halford is to leave the group upon completion of its deal to sell its stake in Verizon Wireless.
Halford, who joined Vodafone in 1999, becoming CFO of Verizon Wireless in 2002 and named Vodafone CFO in 2005, will leave when the $130bn (£81bn) deal is completed. One of the biggest ever corporate deals, the 45% stake will be sold to Verizon Communications and see more than £50bn returned to shareholders.
Taking over from Halford will be Nick Read, appointed as group CFO-designate, effective 1 January – and appointed to the board in April.
Read joined Vodafone in 2001 as CFO of its UK operating company, after serving in a number of senior finance roles, before being named UK chief executive in 2006 and then heading up the AMAP region in 2008.
Vodafone Group Chairman Gerard Kleisterlee said Halford had made “an enormous contribution” to the group.
“Prudent financial stewardship has contributed greatly to substantial value creation for Vodafone and its shareholders, and he will leave Vodafone with our gratitude and best wishes for the future.”
He added that Read “combines extensive operational leadership across some of Vodafone’s most important and complex markets with a detailed understanding of the industry challenges and opportunities of greatest interest to investors”.