Vodafone reveals salary of CEO and other management team

Digital VodafoneVodafone Group in its latest annual report disclosed the salary of CEO Vittorio Colao, CFO Nick Read and other directors for fiscal 2017-18.

ALSO READ: TelecomLead Innovation Award 2018

Vittorio Colao, who has stepped down as the CEO of Vodafone after an 11-year stint, has received an annual salary including other benefits of £7.984 million or $10.635 million in fiscal 2017-18 as compared with £6.332 million in fiscal 2016-17.

Nick Read, who will be the next CEO of Vodafone Group, has received salary of £4.495 million or $5.988 million in fiscal 2017-18 as against £3.615 million in the previous financial year.

Vodafone CEO Nick Read and Vodafone CFO Margherita Della Valle will be receiving less salary as compared with their predecessors.

Vodafone reported revenue of €46.571 billion, operating profit of €4.299 billion and profit of €2.788 billion in fiscal 2017-18.

Vodafone said it’s committed to reduce greenhouse gas emissions by 40 percent and purchase 100 percent of electricity renewable sources. Vodafone intends to support 10 million young people by 2022 through future digital jobs program.

Vodafone said it will expand its 4.5G coverage and then launch 5G services in 2020, once handsets are widely available. Vodafone will wait till 2020 for the 5G launch as this will become the lowest cost option to add incremental capacity.

Vodafone, in its annual report, said it wants to fund its 5G investments from within its existing levels of capital expenditure. Vodafone aims to invest in the upcoming 5G spectrum auctions over the next two years in order to maintain and optimise its spectrum position across all technologies.

Nick Read said his immediate priorities will be to continue to work closely with Vittorio Colao to conclude the India merger process with Idea Cellular, to make good progress in securing regulatory approvals for the acquisition of Liberty Global’s cable assets, and to accelerate the Digital Vodafone program.

Vodafone India’s service revenue fell by 19 percent and adjusted EBITDA by 35 percent on an organic basis during the year. Vodafone has taken a number of steps during the year to strengthen the financial position of the future joint venture, raising approximately €3.5 billion in incremental financing for the business.