Vodafone sees itself as a pioneer. Yet as it approaches its fifth decade, many of its stellar achievements are now reminders of a distant past.
headquarters in west London, a sign hangs near the office of CEO Nick Read, telling passers-by: “It’s OK to make mistakes.”
Vodafone was founded in 1984 and sees itself as a pioneer. Yet as it approaches its fifth decade, many of its stellar achievements are now reminders of a distant past. Its network carried the first cellular telephone call in the UK, on 1 January 1985. The company then led the roll-out of out text-message technology, and was quick to expand globally.
The only regret Read will admit to is that he did not move faster to standardise technology. He doesn’t regret speeches since November in which he outlined ambitions to strike deals in the UK, Italy, Spain and Portugal. That surprised even company insiders, who worried their CEO might be weakening Vodafone’s negotiating position, according to a person familiar with the discussions.
He clarified he wasn’t talking about Cevian: “To be fair to them, I have yet to see them quoted on anything.” Read also turned down an €11.3-billion February offer for Vodafone Italia from Iliad and Apax Partners, saying it wasn’t in shareholders’ interests. Talks with CK Hutchison Holdings about a deal with Three UK have yet to yield results. British landline provider TalkTalk Telecom Group is another option, but on a recent earnings call, Read implied that a UK mobile deal was a higher priority.Read says top investors, such as Emirates Telecommunications Group, now known as e&, are confident.
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