British telecoms giant Vodafone on Tuesday announced a return to annual profit, as it revealed that long-serving chief executive Vittorio Colao will step down later this year. Vodafone buys chunk of Liberty’s European assets for 18.4bn euros Citation: Vodafone returns to profit, announces CEO departure (2018, May 15) retrieved 18 July 2019 from https://phys.org/news/2018-05-vodafone-profit-ceo-departure.html Group Chief Financial Officer Nick Read will succeed Colao from October, with the announcement coming less than a week after Vodafone unveiled a deal to turn it into Europe’s largest cable and broadband operator by buying assets from US peer Liberty Global.Vodafone on Tuesday posted net profit of 2.4 billion euros ($2.9 billion) in the 12 months to the end of March, which compared with a loss after tax of 6.3 billion euros in 2016/17, the group said in a statement.The turnaround pointed to a “year of significant operational and strategic achievement and strong financial performance”, Colao said.”Our sustained investment in network quality supported robust commercial momentum,” he added. Vodafone’s long-serving CEO Vittorio Colao will step down later this year © 2018 AFP Explore further This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.