Vodafone travails require more than caretaker CEO [Reuters]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
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Source: Reuters
Margherita Della Valle, who took over on a temporary basis after former head Nick Read resigned in December, had to announce another set of disappointing numbers on Wednesday. Sales fell 1.8% in Germany in the quarter ending December, which accounts for more than 30% of the group's overall revenue. Vodafone shares fell more than 2% on the news. Della Valle is accelerating the group's 1 billion euros cost-cutting plan, and implementing her predecessor's decisions. A merger with CK Hutchison's (0001.HK) Three UK is still on the cards. And the sale of half of Vodafone's stake in German-listed Vantage Towers (VTWRn.DE) has been completed. But an interim CEO cannot take strategic decisions, such as whether or not to sell the Italian unit eyed by France's Iliad - whose owner Xavier Niel has taken a 2.5% stake in Vodafone. And the group's poor performance reinforces the case that it is an unwieldy conglomerate of assets without obvious synergies. Vodafone needs a permanent CEO. If the boar
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