Vodafone share price down as CTO Steve Pusey announces plans to retire

on Jan 15, 2015
Updated: Oct 21, 2019
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Vodafone Group Plc’s (LON:VOD) chief technology officer Steve Pusey will retire from the company on July 31. The UK’s mobile phone giant announced Pusey’s intention today in a statement to the London Stock Exchange, noting that he would step down from the Vodafone board after the company’s annual general meeting on July 28.

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Vodafone’s chief executive officer Vittorio Colao commented: “Steve has been an outstanding colleague who has made an immense contribution to Vodafone, and I would like to thank him for his wisdom, focus and commitment.”
Pusey joined Vodafone in 2006 was appointed to the board in June 2009. During his tenure at the company he oversaw the international expansion of the company’s 3G network and the launch of 4G in 15 countries, Vodafone said. Most recently, he has led the company’s investment programme, Project Spring.

Vodafone has appointed Johan Wibergh, who is currently executive vice president and head of the networks segment at Ericsson,as his successor. Wibergh will join the UK mobile carrier in May, in order to enable a period of transition prior to Pusey’s retirement. He will report to Colao. Vodafone’s CEO said in the statement that Wibergh’s “background and skills are strongly complementary as we continue our transition to a global data company”.

In today’s trading, Vodafone shares were 0.6 percent lower at 223.85p as of 11:44 UTC. The company currently has a market capitalisation of £59.2 billion.
According to the Financial Times, the 24 analysts offering 12 month price targets for Vodafone have a median target of 240.00p, with a high estimate of 285.00p and a low estimate of 130.00p. As of Jan 10, 2015, the consensus forecast amongst 59 polled investment analysts covering the company suggests that the company will outperform the market.
As of 12:43 GMT, Thursday, 15 January, Vodafone Group plc share price is 224.40p.

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