Vodafone Group CEO Nick Read will step down at the end of 2022 following a year when the telecommunications company’s share price sank. Chief financial officer Margherita Della Valle will become interim CEO, in addition to her current role, while a replacement is found, the company said in a statement on Monday.
The company’s share price has sunk nearly 20% this year even after Read attempted to appease investors with asset sales and refocusing the British phone company’s business.
The company, which owns JSE-listed Vodacom Group, agreed to sell a stake in its Frankfurt-listed Vantage Towers business to a private equity consortium last month.
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Read will remain an adviser to the board until the end of March, the company said.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry