Vodafone CEO to step down

Vodafone Group CEO Nick Read will step down at the end of 2022 following a year when the telecommunications company’s share price sank.

Chief financial officer Margherita Della Valle will become interim CEO, in addition to her current role, while a replacement is found, the company said in a statement on Monday.

The company’s share price has sunk nearly 20% this year even after Read attempted to appease investors with asset sales and refocusing the British phone company’s business.

Read: Vodafone is an MBA case study of messed-up M&A

The company, which owns JSE-listed Vodacom Group, agreed to sell a stake in its Frankfurt-listed Vantage Towers business to a private equity consortium last month.

Read will remain an adviser to the board until the end of March, the company said.  — (c) 2022 Bloomberg LP

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