Appointments

Vodafone adds Spain to Timuray’s empire as CEO quits

Serpil Timuray Vodafone.jpg

Serpil Timuray will add Spain to her European responsibilities in Vodafone in a significant reshuffle that sees Colman Deegan, CEO of Vodafone Spain, stepping down at the end of March.

The move comes just a few weeks after Vodafone said its group CEO, Nick Read, would leave at the end of December, to be replaced as interim CEO by Margherita Della Valle.

Timuray (pictured) has been CEO of Vodafone’s Europe cluster since October 2018, and this addition of Spain marks a major expansion of her sector, which comprises Albania, the Czech Republic, Greece, Hungary, Ireland, Portugal, Romania and Turkey – though the Hungarian operation is now being sold for €1.7 billion to a company controlled by the Hungarian government.

Timuray also oversees Vodafone Egypt and Vodafone’s interest in the Netherlands joint venture with Liberty Global. She chairs Vodafone Turkey.

Meanwhile Vodafone has eased Deegan’s departure by asking him to support Della Valle on strategic initiatives until the end of July. She said: “I want to thank Colman for his leadership of Vodafone Spain.”

At the same time, Aldo Bisio, CEO of Vodafone Italy, will take on the role of group chief commercial officer in addition to his current role from today.

Della Valle congratulated Bisio and Timuray “on their new responsibilities as we work together to accelerate our commercial performance and drive shareholder value”.

The Vodafone group was worth £24.9 billion this morning on the London stock exchange, with shares at just £0.91 each. Five years ago they were worth £2.29 each, 2.5 times today’s value.