CEO Of Vodafone Group Nick Read Will Step Down

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CEO Of Vodafone Group Nick Read Will Step Down
05 Dec 2022
min read

News Synopsis

Britain's Vodafone Group announced on Monday that its current CEO Nick Read would retire at the end of this year and be temporarily replaced by Margherita Della Valle, the group's finance director. Read guided the mobile group through the pandemic during his four years in leadership, sold assets to sharpen the group's focus on Europe and Africa, and spun off the tower infrastructure into a separate unit.

Despite the modifications, the company's shares had remained in a rut, and last month it cut its full-year outlook.

In a statement, he stated, "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 will be available to the Board as an advisor through March 31, 2023.

According to Vodafone, Margherita Della Valle, who has been named temporary Group Chief Executive, will accelerate the company's execution of its strategy to improve operational performance and increase shareholder value.

“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,"  according to the company.

Before being appointed CEO in 2018, Nick Read joined Vodafone Group in 2001 and held top management positions at the local, regional, and international levels. He had senior worldwide finance positions with United Business Media Plc and Federal Express Worldwide before joining Vodafone.

Vodafone Group Chief Executive Nick Read stated: 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".

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