Vodafone's chief financial officer Nick Read will become the group's CEO on October 1.

He will succeed Vittorio Colao, who has served as the telecoms giant's chief executive since 2008. Deputy CFO Margherita Della will step into Read’s current role.

Read was appointed CFO and joined the Vodafone board in April 2014. He was previously the group's chief executive for the Africa, Middle East and Asia Pacific region and served as a board member of a number of Vodafone's emerging markets subsidiaries including Vodacom Group and Vodafone India.

He joined Vodafone in 2001 as UK finance director before being appointed UK chief commercial officer then UK chief exec.

Prior to joining Vodafone, Read held senior global finance positions with United Business Media Plc and Federal Express Worldwide.

Vodafone Group chairman Gerard Kleisterlee said: "On behalf of the board, I would like to express our gratitude to Vittorio for an outstanding tenure.

“He has been an exemplary leader and strategic visionary who has overseen a dramatic transformation of Vodafone into a global pacesetter in converged communications, ready for the gigabit future.

“Vittorio will leave as his legacy a company of great integrity with strong inclusive values that is exceptionally well-positioned for the decade ahead."

On Read, he added: "Nick has been the co-architect of the group's strategy together with Vittorio, combining extensive international operational and commercial leadership with world-class financial acumen.

"I am confident Vodafone will benefit greatly from his experience, insight and wisdom in his new role as group chief executive."