New Delhi: Vodafone Group on Monday announced that its CEO Nick Read will step down by the end of the year after four years in the key role.
The company’s Chief Financial Officer (CFO) Margherita Della Valle has been appointed interim Group Chief Executive, the company said in a statement.
Read will step down as Group Chief Executive and as a Director of Vodafone on December 31, following which he will be available as an adviser to the Board untilA March 31, 2023.
“On behalf of the Board, I would like to thank Nick for his commitment and significant contribution to Vodafone as Group Chief Executive and throughout his career spanning more than two decades with the Company,” said Jean-Francois van Boxmeer, Chairman of Vodafone.
Della Valle will accelerate the execution of the company’s strategy to improve operational performance and deliver shareholder value.
In addition to being appointed interim Group Chief Executive, Della Valle will also continue as Group CFO.
The Vodafone Board has initiated a process to find a new Group Chief Executive.
During his four years as CEO, Read led Vodafone through the pandemic, ensuring that our customers remained connected with their families and businesses.
He focused Vodafone in Europe and Africa as a converged connectivity provider and led the industry in Europe in unlocking value from tower infrastructure.
“It has been a privilege to spend over 20 years of my career at Vodafone and I am proud of what we have delivered for customers and society across Europe and Africa. I agreed with the Board that now is the right moment to hand over to a new leader who can build on Vodafone’s strengths and capture the significant opportunities ahead,” said Read.