Vodafone said Read will be available as an adviser to the Board until 31 March 2023, with Della Valle to look to accelerate the execution of the company’s strategy to improve operational performance and deliver shareholder value.
Nick Read, group chief executive, Vodafone, 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 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.”
Kester Mann, director of consumer and connectivity at CCS Insight, put this announcement into context. He said, “Nick Read’s departure is no massive surprise – he had come under growing pressure from disgruntled shareholders amid disappointing stock performance.
“During the latter part of his tenure, Mr Read increasingly sought mergers and acquisitions. Vodafone recently agreed a co-control deal for its towers business and is in discussions with Three UK. But deals in targeted markets such as Spain, Italy and Portugal have so far proved elusive.”
Jean-François van Boxmeer, chairman of Vodafone, commented, “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.”
In addition to being appointed interim group chief executive, Margherita Della Valle will continue as group chief financial officer. The Vodafone Board has initiated a process to find a new group chief executive.
CCS Insight’s Mann added, “The new CEO will face the same tough inbox, with geopolitical uncertainty, rising costs, tough regulation, strong competition and questions over return on investment for the sector high on his or her agenda.”