Vodafone in a release stated that Nick Read will be the next CEO of the Vodafone Group, succeeding Vittorio Colao.
Read, currently, the group's Chief Financial Officer (CFO), will take over from October 1. Colao was appointed as Group Chief Executive in July 2008.
In a separate release, Vodafone India, one of the largest telecom operator in India reported a decline in revenue by 18.9 percent during fiscal 2018. The reason behind the downfall is attributed to the tariff war and drop in interconnection charges, the telecommunication company informed.
Vodafone India, the second largest telecom company, reported revenue of Rs 34,855 crore in fiscal 2018 (down by 18.9 percent). The revenue downfall is mainly due to international termination charge, reduced interconnect usage charge and continuous suppressed pricing in the telecom industry.
The company reported earnings before interest, tax, depreciation, and amortization at Rs 7,766 crores in fiscal 2018. For the quarter ending December 2017, the company's revenue declined by more than 23 percent and stood at Rs 8,110 crore, due to the competitive tariffs and a cut in interconnect usage charges (IUC).
Mukesh Ambani led Reliance Jio's entry into the market during September 2016 has continued to reduce the company's revenue performance, and the competitive tariffs by other operators to counter the arch-rival Jio added to financial woes.
"Operationally, it was an extremely challenging year wherein industry revenues were adversely impacted due to a reduction in interconnect usage charges, international termination charges and continuing suppressed pricing," Sunil Sood, Managing Director, and CEO, Vodafone India said.
Sood also added that the company has completed the sale of standalone tower business to ATC for Rs 38.5 billion. He further mentioned that the company is making good progress in securing the necessary approvals for the merger deal between Vodafone India and Idea Cellular from regulatory bodies.
The merger of Vodafone India and Idea Cellular is expected to complete in June 2018.
In 2018, Vodafone India has added close to 14 million new customers taking the subscribers tally to 223 million. In the third quarter of 2018, Vodafone India saw a revenue market share of 20.9 percent.