Vodafone share price: Company recruits Telekom Austria CEO to head German business

on Jun 19, 2015
Updated: Oct 21, 2019

Vodafone Group Plc (LON:VOD) has hired Hannes Ametsreiter, the outgoing head of Telekom Austria, to run its German business, which is struggling in the face of strong competition. Ametsreiter will join the UK mobile phone giant on October 1, the company said today in a statement to the media.

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Ametsreiter replaces Jens Schulte-Bockum as head of the German unit, whose resignation was announced with Vodafone’s annual results in May. Back then the British company posted its first rise in quarterly sales in nearly three years, but weak performance in its biggest market, Germany, took the shine off those results.
The German unit is in fierce competition with Deutsche Telekom, which has regained market share on the back of growing mobile data consumption by smartphone users. In 2013 Vodafone acquired Germany’s largest cable company, Kabel Deutschland, in an attempt to bolster its position and be more competitive on the German market. The company is currently in the process of integrating Kabel Deutschland, which, as it appears, will be completed under Ametsreiter’s leadership.
Ametsreiter has significant experience with difficult jobs. During his time at Telekom Austria, the company’s share price plummeted more than 40 percent as competition with Deutsche Telekom and Hutchison Whampoa Ltd hurt revenue. Ametsreiter attracted the attention of Mexican telecommunications mogul Carlos Slim and steered Telekom Austria through its acquisition by Slim’s America Movil last year.
“Hannes is an experienced industry leader with an extensive background in convergence, marketing and brand,” Vodafone’s chief executive officer, Vittorio Colao said, as quoted by Reuters. “We are delighted to welcome him to Vodafone.”
In today’s trading, Vodafone shares were up 0.8 percent at 235.02p, as of 11:55 BST. The stock has risen 5.5 percent since the start of the year and the company’s market capitalisation currently stands at £62.9 billion.
As of 14:46 BST, Friday, 19 June, Vodafone Group plc share price is 233.00p.


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