Vodafone Group CEO Nick Read to step down, Margherita Della Valle to be interim chief

Vodafone Group said on Monday that CEO Nick Read will step down by the end of the year.

Margherita Della Valle, the company’s chief financial officer, has been named interim CEO of the group.

Nick Read will remain an advisor on the board until March 31, 2023.

The company has said in its statement that the board has started the process of searching for a new chief executive.

Vodafone shares kept on falling and the condition of the group continued to deteriorate.

Nick Read joined the Vodafone Group in 2001.

His appointment as CEO in 2018 has held local, regional and global executive roles.

Announcing his resignation, Nick Reid said, “I agree with the Board that it is time to transition to a new leader."

"who can rebuild Vodafone’s strength and capitalize on important opportunities.”