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By Adria Calatayud
Vodafone Group PLC (VOD.LN) has instructed executive-search consultancy MWM Consulting to assist in the search for a new chairman to replace Gerard Kleisterlee, the telecommunications company said in its annual report.
No decision has currently been taken on when the company's current chairman will step down, Vodafone said. The decision follows the introduction of new U.K. rules that require that a company's chair shouldn't remain in the post beyond nine years from the date of their first appointment.
Mr. Kleisterlee became Vodafone's chairman on July 26, 2011, having joined the company's board on April 1, 2011. Prior to Vodafone, Mr. Kleisterlee was chief executive and chairman of the management board of Koninklijke Philips NV (PHIA.AE).
In its report, Vodafone cited potential geopolitical disruptions in supply chain due to global trade tensions as a new risk. The company also said it is prepared for a no-deal Brexit scenario, as it continues to monitor the implications of the U.K.'s departure from the European Union to its operations.
Write to Adria Calatayud at firstname.lastname@example.org
(END) Dow Jones Newswires
May 31, 2019 10:15 ET (14:15 GMT)
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