An Italian woman executive is set to take over as the interim boss of British-based telecoms multinational Vodafone, after CEO Nick Read's announcement that he would be stepping down at the end of the year.
Chief Financial Officer Margherita Della Valle will step in at the top for the moment, Vodafone said, pending the appointment of a new CEO.
Vodafone Group Plc 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 December 31, 2022, following which he will be available as an adviser to the Board until March 31, 2023.
Margherita Della Valle 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, she will also continue as Group Chief Financial Officer. The Board, meanwhile, has already initiated the process of finding 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 to 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."
During Read's time at the helm of the corporate giant, Vodafone saw a 44 per cent drop in share value from October 2018, and a 20 per cent drop this year alone.
