CFO Margherita Della Valle to take over on interim basis
London — Nick Read will step down as Vodafone CEO by the end of the year, ending a four-year tenure during which, the British telecom group’s share price has nearly halved.
The company warned on profit last month as energy costs soared, an already poor performance in its biggest market Germany worsened, and intense competition in Spain and Italy showed no sign of easing. Read did extract value from Vodafone’s mobile towers by spinning them out and selling a chunk of the listed company to private equity firms Global Infrastructure Partners and KKR, and recently agreed to sell its Hungarian business.
Vodafone’s shares, which have fallen 45% since Read took over in October 2018, are trading just off two-decade lows. Read, 58, cut Vodafone’s dividend for the first time in 2019, citing a worsening outlook, and need to cut debt and invest in networks.
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