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Vodafone CEO Nick Reed to step down on December 31, 2022
Vodafone CEO Nick Reed to step down on December 31, 2022
Vodafone CEO Nick Read will step down as the Board is unhappy with the steady decline in revenue and market shares.
Vodafone's Chief Executive Officer, Nick Read, will step down as organizational director at the end of December 2022. On an interim basis, he will be replaced by Margherita Della Valle, who has served as Vodafone Group's chief financial officer.
According to an official statement from Vodafone, Read will leave his position as Chief Executive Officer and Chief Executive Officer of Vodafone on December 31, 2022. However, he will serve as an advisor to the Board until March 31, 2023.
Nick Read has served the group for over 20 years and has acted as CEO for the last four years. He contributed in local, regional and global senior executive roles for the Vodafone Group and was appointed CEO in 2018. Later, he led the company's telecom market during the pandemic, built Vodafone into an integrated connectivity provider in Africa and Europe, and led the industry in Europe to enhance 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," said Nick in his official statement.
Read reportedly resigned as the Board was concerned about Vodafone's declining stake and the lack of progress in growing the company. With Margherita Della Valle assuming the position 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." Vodafone Idea also recorded a drop in the user base as around 40 lakh users unsubscribed from its telecom services.
