Vodafone Group PLC (LSE:VOD) has continued to ring the changes among its senior management with the head of its Spanish operation announcing his resignation today.
Colman Deegan will leave the role effective 31 March and depart the company at the end of July, said the mobile giant, with his responsibilities transferring over to the Europe Cluster, which is headed by Serpil Timuray.
Vodafone added that a successor to Deegan will be appointed in due course.
Aldo Bisio, meanwhile, has been appointed group chief commercial officer in addition to his current role as CEO of Vodafone Italy.
Deegan’s departure follows the standing down of chief executive Nick Read at the end of 2022, with Read to leave fully at the end of March. Chief financial officer Margherita Della Valle is holding the reins until a successor is appointed.
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Shares in the telco hit a five-year low last month of just under 84p on dwindling hopes that it can stir itself out of its recent torpor.
This week activist investor Coast Capital dumped its holding telling Bloomberg it can no longer see “an attractive business model”.
Coast Capital founding partner James Rasteh told Bloomberg the firm "bought Vodafone about a year and a month ago, and we were quite enthusiastic about a lot of changes,” but, he added, "the original thesis proved to be incorrect".
Coast is the second activist investor to have sold out of Vodafone recently. Cevian sold most of its holding last year after consolidation deals it had hoped for were scuppered by rising interest rates.
Shares in Vodafone rose 3.8% today to 91.2p.