Vodafone's Nick Read to step down as Chief Executive

Vodafone has announced that Nick Read is to step down from his role as Chief Executive.

The Newbury-based telecoms giant confirmed today that Nick Read would depart his role at the end of the year and will will stay on in a consultancy capacity until March 2023.

He will be replaced on an interim basis by Margherita Della Valle, who will also retain her role as Group Chief Financial Officer, until a successor can be found.

A statement to the London Stock Exchange said the new interim Chief Executive would 'accelerate the company's strategy and improve  operational performance'.

Jean-François van Boxmeer, Chairman of Vodafone, said : "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.

"Margherita has recently been taking a broader operational role within the Company and the Board fully supports her as interim Group Chief Executive."

Vodafone reduced its full year profit guidance to €15-15.2 billion from €15-15.5 billion in a trading update in November pointing to spiralling costs as a result of hyperinflation in Europe.

The company has been linked with a merger with rival Three for much of this year with talks between the two ongoing.

Nick Read, Group Chief Executive 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".

Margherita Della Valle will be awarded a base salary of £1,081,500 per annum which was in line with her predecessor, be entitled to a bonus of 200 per cent of her salary alongside incentives which could reach up to 500 per cent of her base salary.