{"id":33091,"date":"2022-12-05T07:40:40","date_gmt":"2022-12-05T07:40:40","guid":{"rendered":"https:\/\/www.ispreview.co.uk\/?p=33091"},"modified":"2022-12-05T07:57:00","modified_gmt":"2022-12-05T07:57:00","slug":"vodafone-group-ceo-nick-read-announces-sudden-exit","status":"publish","type":"post","link":"https:\/\/www.ispreview.co.uk\/index.php\/2022\/12\/vodafone-group-ceo-nick-read-announces-sudden-exit.html","title":{"rendered":"Vodafone Group CEO Nick Read Announces Sudden Exit"},"content":{"rendered":"

In a surprise development, Nick Read, the CEO of UK-based broadband and mobile giant Vodafone<\/a>, has “agreed with the Board<\/em>” that he will step down as Group Chief Executive Officer (CEO) and as a Director on 31st December 2022. The move is part of an effort to find somebody who can improve their “operational performance<\/em>“.<\/p>\n

Nick is considered by some to be part of the furniture at Vodafone<\/a>, having spent over 20 years of his career there. As CEO, he led the operator through a global pandemic, spun out its tower infrastructure and sold some assets, but the company’s share price has continued to suffer. According to the market announcement, he will remain for a little while longer as an adviser to the Board, ending on 31st March 2023.<\/p>\n

In his place, Margherita Della Valle<\/strong> has been appointed Interim Group CEO, although she will also remain in her current position as Group Chief Financial Officer (CFO). Meanwhile, the operator’s Board has already initiated a process to find a new Group CEO.<\/p>\n

Jean-Fran\u00e7ois van Boxmeer, Chairman of Vodafone<\/a>, said:<\/strong><\/p>\n

“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.<\/p>\n

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.<\/p>\n

Margherita has recently been taking a broader operational role within the Company and the Board fully supports her as interim Group Chief Executive.”<\/p><\/blockquote>\n

Nick Read, Group Chief Executive, said:<\/strong><\/p>\n

“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\u2019s strengths and capture the significant opportunities ahead.”<\/p><\/blockquote>\n

Changing CEO is a significant development for an operator of Vodafone’s size, and often results in a change of strategic direction.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a surprise development, Nick Read, the CEO of UK-based broadband and mobile giant Vodafone, has “agreed with the Board” that he will step down as Group Chief Executive Officer (CEO) and as a Director on 31st December 2022. 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