Vodafone Group has said Chief Executive Nick Read would step down at the end of this year. The group's chief financial officer Margherita Della Valle will take over as interim group chief executive, the company said.
“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," the company said.
Read, however, will be available as an adviser to the Board until 31 March 2023.
"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," Read said.
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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.
"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," Read said in a statement.
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