Italian woman exec to take over as Vodafone interim boss

(ANSA) - ROME, DEC 5 - 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". (ANSA).