Vodafone announces more management changes in protest against activists

Vodafone Group continues to make changes in its senior management, with its Spanish head announcing his resignation today.

Colman Deegan will be leaving the role on 31 March, and the company at end of July, stated the mobile giant. His responsibilities will transfer to the Europe Cluster, headed by Serpil Timothyuray.

Vodafone also stated that Deegan’s successor will be appointed at the appropriate time.

Aldo Bisio has been promoted to group chief commercial officer, in addition to his current position as CEO of Vodafone Italy.

Deegan’s resignation follows an announcement made in December by Nick Read, chief executive of the company, that he would be stepping down at March’s end.

Margherita Della Valle, chief financial officer, will continue to hold the reins until a successor has been appointed.

Rumours swirling about Vodafone regarding potential new CEOs

The shares of the telco fell to just under 84p last month, indicating that there are fewer hopes that it can rise from its current slumber.

Coast Capital, an activist investor, sold its holding to Bloomberg this week. It stated that it could not see “an attractive model for business” and had decided to sell the company.

James Rasteh, the founder partner, stated that “We bought Vodafone approximately a year ago and were quite excited about a lot changes.” However, he said that “the original thesis proved incorrect”.

Coast was the second activist investor that sold Vodafone’s stock recently.

Cevian sold most its holdings last year, after the consolidation deals it had hoped to make were canceled by rising interest rates.

Vodafone shares rose 3.8% to 91.2p today

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