10/28/2013 9:30:35 AM
Vodafone to overhaul board
Vodafone is on the hunt for up to three new non-executive directors as part of plans to refresh it board over the next two years.
The Daily Telegraph reports chairman Gerard Kleisterlee is leading the recruitment process for new directors with MWM Consulting taken on to help it seek new candidates. Both MWN Consulting and Vodafone declined to comment.
The telecoms giant, which is close to completing its $130bn (£80bn) sale of its 45% stake in Verizon Wireless, is said to be planning to overhaul its board as the first part of a phased restructure.
The board currently contains a number of long serving members, with three close to serving nine or more years. After nine years non-executives are deemed no longer independent under corporate governance guidance although this can be waived if fellow directors deem them still independent.