11/13/2008 11:03:00 AM
New Vodafone CEO takes charge as UK profits decline
Vodafone’s incoming UK CEO, Guy Laurence, arrives to the UK on a high following a blistering final six months in his last job, but takes charge as the UK saw profits tumble.
Profits for the UK fell 14% to £603m for the six months up to September 2008, on revenue of £2.7bn, which was only down 1% from last year.
Laurence was at the helm in the Netherlands where revenue jumped 26% and profits were up 13% over the same period.
He takes the reins of UK CEO in January 2009, replacing Nick Read, who is moving into a much bigger role as CEO for Vodafone’s Asia-Pacific region.
The operator added 207,000 new customers in the UK in the three months to September, 159,000 of which were contract customers.