Vodafone CEO Nick Read will step down from his role by the end of the year and will be replaced by his finance director on an interim basis. Reid’s exit will mark the end of his four-year term.
Finance Director Margherita Della Valle will replace the CEO on an interim basis. He has been tasked with accelerating the “execution of the company’s strategy to improve operating performance and deliver shareholder value”.
The company said that the Vodafone board has started the process of finding a new chief executive.
During the pandemic, it read who ran the company. Vodafone shifted its focus to Europe and Africa and sold off its assets to do so. The tower infrastructure business of the company was also spun off into a separate unit.
However, all the changes could not turn the fortunes of the company as its shares plunged over 40 per cent since he took over in October 2018.
Last month, Vodafone cut its full-year outlook, citing higher energy costs and poor performance in Germany, Italy and Spain.
“I agree with the board that now is the right time to hand over a new leader who can build on Vodafone’s strengths and capture important opportunities,” he said in a statement.
The company’s shares were up 1.6 per cent in early trade.
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