Vodafone CEO Nick Read to step down, CFO Margherita Della Valle to take charge

By Team Newsable | First Published Dec 5, 2022, 3:53 PM IST

Nick Read will be replaced by Vodafone's Chief Financial Officer Margherita Della Valle on an interim basis. During his four years in charge, Read led the mobile group through the pandemic, sold assets to increase its focus on Europe and Africa, and spun out its towers infrastructure into a separate unit.

The UK-based Vodafone Group on Monday said its CEO Nick Read would step down at the end of this year. Margherita Della Valle, the organization's chief financial officer, will take over for him in the meantime.

CEO Read, who has been in charge for the past four years, said in a statement, "I agreed with the board that now is the right moment to transfer over to a new leader who can build on Vodafone's strengths and seize the huge prospects ahead."

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Read, who started working for Vodafone in 2001, will remain a consultant through the end of March 2023.

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In addition to steering the mobile group through the epidemic, Read divested assets to sharpen the company's emphasis on Europe and Africa and separated off the tower infrastructure into a new business.

Margherita Della Valle will continue in her role as group chief financial officer in addition to her new position as temporary group chief executive. The search for a new Group Chief Executive has been started by the Board, according to the company's statement.

It comes after Vodafone recently announced flat earnings for its first half and follows a heavy drop to its share price this year.

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Nick Read had joined Vodafone Group in 2001, holding local, regional, and global senior executive roles until his appointment as CEO in 2018. Before being named CEO in 2018, Nick Read had a number of top executive positions at the local, regional, and international levels. He had top worldwide financial positions at United Business Media Plc and Federal Express Worldwide prior to joining Vodafone.

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