{"id":321045,"date":"2022-12-05T11:34:15","date_gmt":"2022-12-05T11:34:15","guid":{"rendered":"https:\/\/www.mobileworldlive.com\/?p=360271"},"modified":"2022-12-05T11:34:15","modified_gmt":"2022-12-05T11:34:15","slug":"vodafone-chief-read-set-for-exit-cfo-to-take-interim-role","status":"publish","type":"post","link":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/2022\/12\/05\/vodafone-chief-read-set-for-exit-cfo-to-take-interim-role\/","title":{"rendered":"Vodafone chief Read set for exit, CFO to take interim role"},"content":{"rendered":"

<\/p>\n

\tVodafone Group announced CEO Nick Read (pictured) will step down at the end of 2022, with CFO Margherita Della Valle taking the interim role while the company seeks a permanent replacement.<\/p>\n

The operator added Della Valle would continue in her current job alongside taking the helm on a temporary basis. After stepping down Read will continue as an adviser to Vodafone\u2019s board until the end of March 2023.<\/p>\n

No specific reason was given for his departure, but in a statement the outgoing chief noted he agreed \u201cwith the board that now is the right moment to hand over to a new leader who can build on Vodafone\u2019s strengths and capture the significant opportunities ahead\u201d.<\/p>\n

Vodafone chairman Jean-Francois van Boxmeer praised Read\u2019s contribution to the business across his 20 years in various roles, adding the interim chief had recently taken a \u201cbroader operational role\u201d at the business.<\/p>\n

Read took over as CEO in 2018, having previously been CFO under previous chief Vittorio Colao [1].<\/p>\n

Changes
\nDuring Read\u2019s tenure the company completed a number of major changes to the business, completing a big-money purchase of assets from Liberty Global [2] initiated under his predecessor and raising cash from spinning off its towers in Europe [3].<\/p>\n

A frequent theme of Read’s time at the helm was his pro-consolidation stance in Europe [4], based on deemed high levels of competition and high capex requirements across several markets.<\/p>\n

Although Vodafone is in discussions [5] with CK Hutchison over a tie-up between the companies\u2019 respective units in the UK, a deal on this is yet to be announced.<\/p>\n

Another of its markets cited as a competition hot spot is Spain, where rivals Orange and Masmovil are set to combine forces [6] despite regular rumours Vodafone was looking at a deal with the latter [7].<\/p>\n

Earlier this year, Vodafone reportedly faced investor pressure to overhaul the business [8] to boost its share price.<\/p>\n

CCS Insight director for consumer and connectivity Kester Mann commented Read’s departure was \u201cno massive surprise [as] he had come under growing pressure from disgruntled shareholders amid disappointing stock performance\u201d.<\/p>\n

\u201cDuring the latter part of his tenure, Read increasingly sought mergers and acquisitions\u201d, Mann added, noting \u201cdeals in targeted markets such as Spain, Italy and Portugal have so far proved elusive\u201d.<\/p>\n

[1] https:\/\/www.mobileworldlive.com\/featured-content\/home-banner\/colao-departing-vodafone-company-returns-to-profit\/
\n[2] https:\/\/www.mobileworldlive.com\/featured-content\/home-banner\/vodafone-finalises-e18b-liberty-global-asset-buy\/
\n[3] https:\/\/www.mobileworldlive.com\/featured-content\/home-banner\/vodafone-strikes-big-money-deal-to-sell-vantage-stake\/
\n[4] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/vodafone-chief-hints-at-deals-in-europe\/
\n[5] https:\/\/www.mobileworldlive.com\/featured-content\/home-banner\/vodafone-seeks-uk-union-with-3\/
\n[6] https:\/\/www.mobileworldlive.com\/featured-content\/home-banner\/orange-masmovil-set-for-spain-merger\/
\n[7] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/vodafone-spain-masmovil-rumours-resurface\/
\n[8] https:\/\/www.mobileworldlive.com\/featured-content\/home-banner\/vodafone-pressed-to-overhaul-business\/<\/p>\n\n

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Vodafone Group announced CEO Nick Read (pictured) will step down at the end of 2022, …<\/p>\n

The post Vodafone chief Read set for exit, CFO to take interim role<\/a> appeared first on Mobile World Live<\/a>.<\/p>\n<\/div>","protected":false},"author":246,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"slim_seo":{"title":"Vodafone chief Read set for exit, CFO to take interim role - ITTeacherITFreelance.hk","description":"Vodafone Group announced CEO Nick Read (pictured) will step down at the end of 2022, ... The post Vodafone chief Read set for exit, CFO to take interim role app"},"footnotes":""},"categories":[11,8],"tags":[],"_links":{"self":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/321045"}],"collection":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/users\/246"}],"replies":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/comments?post=321045"}],"version-history":[{"count":1,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/321045\/revisions"}],"predecessor-version":[{"id":321046,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/321045\/revisions\/321046"}],"wp:attachment":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/media?parent=321045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/categories?post=321045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/tags?post=321045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}