Vodafone Chief Executive Officer Nick Read will step down as head of organisation at the end of December 2022. He will be replaced on an interim basis by Margherita Della Valle who has been serving as Chief Financial Officer OF Vodafone Group.
According to an official statement by Vodafone, Read will step down as Group Chief Executive and as a Director of Vodafone on December 31 2022. However, he will be serving as an adviser to the Board until March 31, 2023.
Nick Read has been serving the group for more than 20 years and is holding the chair of CEO for the last four years. He worked in local, regional and global senior executive roles for Vodafone Group and was appointed CEO in 2018. Later, he led the company telecommunication market through the pandemic and also made Vodafone an integrated connectivity provider in Europe and Africa and has led the sector in Europe in enhancing the potential of tower infrastructure.
“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,” says Nick in his official statement.
According to reports, Read resigned as the board was concerned about the falling share of Vodafone and lack of progress in the growth of the company. With Margherita Della Valle taking up the chair of CEO in the interim period, the Vodafone group now wants to focus on “the execution of the company’s strategy to improve operational performance and deliver shareholder value”.
Notably, Vodafone is facing a de-growth in its revenue and a steep fall in its shares. In India Vodafone Idea lost more than 40 Lakh wireless users and base users shrank to 24.91 crore in September 2022. According to reports, Telecom Regulatory Authority of India (TRAI) the telecom operator is losing its customers amid rising competition from telecom companies, including Reliance Jio and Airtel. The telecom operator is also lagging behind in the 5G race due to funding issues.
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