Vodafone’s largest shareholder e& to take board seat
Vodafone has announced plans to deepen its ties with United Arab Emirates telecoms group e&, which has amassed an almost 15 per cent stake in the UK operator over the past year and will now have a seat on its board.
Under a plan set out on Thursday, Hatem Dowidar, the chief executive of e&, will join Vodafone’s board as the two companies said they would work together in areas including procurement and offering services to multinationals.
Mr Dowidar will have a board seat as long as Abu Dhabi-listed e& retains its 14.6 per cent stake. If its holding climbs above 20 per cent, the group will be able to nominate a second non-executive director.
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State-controlled e&’s stakebuilding began last May and comes as Vodafone faces increasing pressure to improve a performance blighted by its struggles in the German market.
Vodafone’s challenges in Germany contributed to the exit of Nick Read as chief executive last year. Margherita Della Valle, who was named as Read’s permanent replacement last month, said on Thursday: “We know e& well and I’m delighted we have strengthened our existing relationship through this strategic partnership.”
The two groups said they would also share best practices on procurement and might seek to procure together. - Copyright The Financial Times Limited 2023
