Vodafone puts struggling European ops under one leader

Vodafone (VOD) Northern & Central Europe and Southern Europe units will be merged to create a single Europe division.

Phillip Humm, currently the CEO of the Northern & Central Europe unit, will be the CEO of merged entity.

Vodafone is also adding its Turkish division to its Africa, Middle East, and Asia-Pac ops, and creating an expanded "Group Commercial" unit encompassing a variety of sales, marketing, and customer support activities. Southern Europe CEO Paolo Bertoluzzo will run the unit.

Vodafone reported bleak FQ1 (June quarter) numbers for its European ops, thanks to weak macro conditions (esp. in Southern Europe), intense competition, and the nosediving voice/text messaging activity in the region: Southern European sales fell 14.4% Y/Y, and Northern & Central Europe 3%.

The restructuring comes as the EU works to create a common telecom market on the continent, and perhaps do away with lucrative roaming fees in the process.

From other sites
Comments (4)
  • Esekla
    , contributor
    Comments (4469) | Send Message
    Makes sense, given the bad spot they're in at the moment.
    1 Aug 2013, 09:53 AM Reply Like
  • Special_Sit
    , contributor
    Comments (166) | Send Message
    Interesting; the stock is moving up, up, up. Someone sees light at end of the tunnel
    2 Aug 2013, 07:26 AM Reply Like
  • Ray Merola
    , contributor
    Comments (6503) | Send Message
    Yes, and it's moving up after a dismal earnings report and no publicized takeover rumors.


    Must mean VZ is conjuring up a takeover bid?
    3 Aug 2013, 06:53 PM Reply Like
  • Esekla
    , contributor
    Comments (4469) | Send Message
    Well, we've recently seen Vodafone actually show some interest in doing a deal, but what better use could they cash put the cash to?


    5 Aug 2013, 08:26 AM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs