Vodafone Group’s Chief Executive Nick Read will resign from his position at the end of this year. He will be replaced on an interim basis by finance chief Margherita Della Valle.
Read served Vodafone group for four years as the CEO and made several changes, such as selling assets to increase the company’s focus on Europe and Africa, and spinning out Vodafone’s towers infrastructure into a separate unit. However, the changes didn’t help and the company remained in the doldrums, cutting its full-year outlook last month.
"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," Nick Read said in a statement, according to Thomson Reuters.
Meanwhile, the interim CEO, Margherita Della Valle will accelerate the execution of the company's strategy to improve operational performance and deliver shareholder value, Vodafone said.
“In addition to being appointed interim Group Chief Executive, Margherita Della Valle will also continue as Group Chief Financial Officer. The Board has initiated a process to find a new Group Chief Executive," the company said.
Nick Read will be available as an adviser to the Board until 31 March 2023. He joined Vodafone Group in 2001, holding local, regional, and global senior executive roles until his appointment as CEO in 2018.