An Italian woman executive is set to
take over as the interim boss of British-based telecoms
multinational Vodafone after CEO Nick Read said he was stepping
down at the end of the year after overseeing a 44% drop in share
value since he began running the company in October 2018, and
20% this year alone as he allegedly failed to convince investors
of the solidity and effectiveness of his business strategy.
Chief Financial Officer Margherita Della Valle will step in at
the top for the moment, Vodafone said, pending the appointment
of new CEO.
Vodafone Group Plc ("Vodafone") said in its statement that Nick
Read has agreed with the Board that he will step down as Group
Chief Executive and as a Director of Vodafone on 31 December
2022, following which he will be available as an adviser to the
Board until 31 March 2023.
Margherita Della Valle has been appointed interim Group Chief
Executive. She 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, Margherita Della Valle will also continue as
Group Chief Financial Officer. The Board has initiated a process
to find a new Group Chief Executive.
Jean-François van Boxmeer, Chairman of Vodafone, said: "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.
During his four years as CEO, he led Vodafone through the
pandemic, ensuring that our customers remained connected with
their families and businesses. He has focused Vodafone in Europe
and Africa as a converged connectivity provider and led the
industry in Europe in unlocking value from tower infrastructure.
Margherita has recently been taking a broader operational role
within the Company and the Board fully supports her as interim
Group Chief Executive."
Read said: "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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