The British Vodafone Group announced on Monday that Chief Executive Nick Read would step down at the end of this year and be temporarily replaced by Margherita Della Valle, head of finance.
Read guided the mobile group through the pandemic during his four years in command, liquidated assets to sharpen the organization’s focus on Europe and Africa, and spun off the tower infrastructure into a distinct unit.
Despite the modifications, the company’s shares had remained in a rut, and last month it lowered its full-year projection.
In a statement, he stated, “I agreed with the board that now is the right time to transition to a new leader who can build on Vodafone’s strengths and capture the huge prospects ahead.”
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