Britain’s Vodafone Group on Monday announced that its chief executive Nick Read will be stepping down at this year’s end after four years in the top job. Read will step down from his position at the end of December after an over two decade-long stint at the group.
The 58-year-old will be replaced on an interim basis by Vodafone‘s chief financial officer Margherita Della Valle. Read will be available as an adviser to the Board until 31 March 2023. The surprise announcement by the Vodafone Group comes after it declared flat earnings for its first half and follows a heavy drop to its share price this year recently.
“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,” Read said in the statement. He added that its 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.
During his four years as the CEO of the group, Read has steered the mobile group through the deadly Covid-19 pandemic, sold assets to increase its focus on Europe and Africa, and spun out its towers infrastructure into a separate unit.
Vodafone also announced Margherita Della Valle, in addition to being appointed interim Group Chief Executive, will also continue as Group Chief Financial Officer. The Board has initiated a process to find a new Group Chief Executive.
Meanwhile, Read, who had joined Vodafone in 2001, has worked in several roles holding local, regional, and global senior executive roles until his appointment as CEO in 2018. Before joining Vodafone, the 58-year-odl held senior global finance positions with United Business Media Plc and Federal Express Worldwide.
