Vodafone's CFO Departure Isn't a Cause for Concern

Exiting CFO Andy Halford has done a good job at Vodafone, says Morningstar's Allan Nichols

Holly Cook 3 October, 2013 | 6:30PM
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 Vodafone (VOD) today announced that longtime CFO Andy Halford will resign at the end of March 2014 after the company sells its stake in Verizon Wireless. Halford will be replaced by Nick Read, who is currently CEO of Vodafone's Africa, Middle East and Asia Pacific regions. 

"We don't expect any changes in strategy with the appointment of Read," says Morningstar analyst Allan Nichols. He therefore sees no reason to make any changes to his 218p-a-share valuation on Vodafone, nor his narrow economic moat rating, a measure of a company's sustainable competitive advantage.

Nichols thinks Halford has done a good job at the global mobile communications firm and wouldn't be surprised to see him snatched up to be CEO of a smaller firm next year.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Vodafone Group PLC110.44 GBX-0.61Rating

About Author

Holly Cook

Holly Cook  is Manager, Morningstar EMEA Websites