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.
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. — Bloomberg LP