Vodafone Group CEO Nick Read has decided to step down. He will leave his post at the end of this year. In his place, Chief Finance Officer Margherita Della Valle has been appointed as the interim Chief Executive.
Image Credit source: Vodafone
Vodafone CEO Step Down: UK’s Vodafone Group (VOD.L) said on Monday that the Chief Executive Officer (CEO) Nick Read Will step down at the end of this year. Group finance chief Margherita Della Valle will replace her on an interim basis. In his four-year tenure, Reid not only recovered the mobile group from the pandemic, but also decided to sell the company’s property to increase focus in Europe and Africa. Apart from this, he converted the infrastructure of the tower into a separate unit. Even after these changes, Vodafone shares continued to decline.
“I have been privileged to spend more than 20 years in my career at Vodafone and I am proud of what we have done for customers and communities across Europe and Africa,” said Nick Reid. In a statement, Vodafone Group Chairman Jean-François van Boxmeer said, “On behalf of the Board, I would like to thank Nick for his commitment and significant contribution as Chief Executive Officer of the Board and for his more than two decades of career with the company.” I want to thank you for.
right time for a new leader
Nick Reid will be present as an advisor on the board till 31 March 2023. “I agree with the board that now is the right time to transition to a new leader who can build on Vodafone’s strengths and capitalize on urgent opportunities,” Reed said, according to a Reuters report. Vodafone has appointed Margherita Della Valle as interim Group Chief Executive.
Margherita expected to rise
Vodafone says that Margherita Della Valle will accelerate the implementation of the company’s strategy to improve the company’s performance. Apart from this, it will also do a good job of giving better value to the shareholders. Vodafone Group said that Margherita will continue to serve as interim Group Chief Executive as well as Group Chief Financial Officer.
Joined Vodafone in 2001
Vodafone further said that the board has started the process of finding a new Group Chief Executive. Nick Read joined Vodafone Group in 2001. Prior to becoming the CEO in 2018, he has worked in local, regional and global executive positions. Prior to joining Vodafone, he held Global Finance positions at United Business Media PLC and Federal Express Worldwide.
Source: www.tv9hindi.com”