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Dividend is new boss’s biggest call

Nick Read, who took charge at Vodafone last October, is fighting to keep investors and the credit ratings agencies happy
Nick Read, who took charge at Vodafone last October, is fighting to keep investors and the credit ratings agencies happy
GERARD JULIEN/GETTY IMAGES

In the five years since quitting the American market, Vodafone has struggled to form a coherent whole from its disparate parts. Back then, investors had much to celebrate. Vittorio Colao, now its ex-boss, was poised to hand more than £50 billion to shareholders after selling its 45 per cent stake in America’s largest mobile phone network. According to the Italian, the future was bright; the remainder of the near-£80 billion Verizon Wireless proceeds were used to trim debt and invest in cable broadband.

Mr Colao’s successor could be forgiven for ruing such generosity. Nick Read, a former chief financial officer who took the reins in October, must wish that the company had paid off more debt when it had the chance. Right now, he’s battling