Vodafone CFO Andy Halford To Leave In March Next Year - Update

(RTTNews) - British telecom giant Vodafone Group Plc (VOD, VOD.L) Thursday announced that its Chief Financial Officer Andy Halford has informed the board of his intention to leave the firm at the end of March 2014, after conclusion of Vodafone's deal with U.S. telecommunications giant Verizon Communications, Inc. (VZ).

The board has decided to appoint Nick Read as Group chief financial officer-designate, effective January 1, and will be appointed to the Vodafone Group board on April 1.

Read joined Vodafone in 2001. He was the CFO at Vodafone's UK operating company before being appointed UK Chief Executive in 2006. He was appointed to the role of Chief Executive for the Africa, Middle East and Asia-Pacific, or AMAP region in 2008.

Prior to joining Vodafone, Read spent 10 years at Federal Express Worldwide where he was Vice President and Chief Financial Officer for Europe. He was also the former Chief Financial Officer of Miller Freeman Worldwide Plc.

Further, Vodafone stated that Serpil Timuray will be appointed as chief executive of the AMAP region on January 1, who will succeed Read. Both of them will report to Vodafone Group Chief Executive Vittorio Colao.

Timuray was appointed Chief Executive of Vodafone Turkey in 2009. In September 2012, she was named a Director on the Board of Vodacom Group in South Africa.

She will be succeeded as Vodafone Turkey Chief Executive by Gokhan Ogut who is currently Vodafone Turkey Chief Commercial and Operations Officer.

Halford had joined Vodafone in 1999. He was appointed Chief Financial Officer for Northern Europe, the Middle East and Africa in 2001. In 2002, he became the Chief Financial Officer of Verizon Wireless - Vodafone's US joint venture with Verizon Communications Inc. He was appointed to the Vodafone Group board as Group Chief Financial Officer in 2005.

Earlier last month, Verizon Communications said it has agreed to buy Vodafone Group Plc.'s 45% stake in their Verizon Wireless joint venture in a $130 billion cash and stock deal that gives it full control of the largest and most profitable U.S. mobile phone carrier.

The deal, which have been approved by both companies' boards of directors, is expected to close in the first quarter of 2014.

VOD.L is currently trading at 222.60 pence, up 3.65 pence or 1.67 percent, on a volume of 49.41 million shares on the LSE.

VOD closed Wednesday's regular trading at $35.83 on the Nasdaq. In the pre-market activity, the shares are up 0.61 percent.