Get All Access for $5/mo

Vodafone CEO Nick Read To Step Down He would be replaced on an interim basis by finance chief Margherita Della Valle. Read will be available as an adviser to the board until 31 March 2023

By Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Twitter

Britain's Vodafone Group on Monday announced chief executive officer Nick Read would step down at the end of this year and would be replaced on an interim basis by finance chief Margherita Della Valle. Read will be available as an adviser to the board until 31 March 2023.

"It has been a privilege to spend over 20 years of my career at Vodafone and I am proud of what we have delivered for customers and society across Europe and Africa. I agreed with the board that now is the right moment to hand over to a new leader who can build on Vodafone's strengths and capture the significant opportunities ahead," said Nick Read, group CEO, in a statement.

"On behalf of the board, I would like to thank Nick for his commitment and significant contribution to Vodafone as group CEO throughout his career spanning more than two decades with the company," said Jean-François van Boxmeer, chairman, Vodafone, in the statement.

During his four years as CEO, he led Vodafone through the pandemic and has focused Vodafone in Europe and Africa as a converged connectivity provider and led the industry in Europe in unlocking value from tower infrastructure.

"Margherita Dela Valle has recently been taking a broader operational role within the company and the board fully supports her as interim Group CEO," the chairman added.

This news comes at a time when Vodafone Idea is facing a financial crunch. According to an ET report, American Tower Corp (ATC) has in a recent filing to the US Securities and Exchange Commission (SEC) said that Vodafone Idea (Vi), its largest customer in India, may not be able to meet its operating obligations, including making future payments, which could have a material adverse effect on the US tower company's business and results of operations.

The 5G services were launched in India at India Mobile Congress (IMC) 2022 by Prime Minister Narendra Modi. Unlike Reliance Jio and Airtel that have given a time frame for the roll out of 5G services, Vodafone Idea is yet to disclose any rollout schedule.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
Marketing

5 SEO Hacks to Help You Rank Fast

Discover the best SEO hacks you can use to rank fast and avoid waiting for months to see results.

Leadership

How His Personal Battle With Cancer Inspired This Founder's Solution for Patient Care

On this episode of "The Founder CEO," Michael O'Neil, founder and CEO of GetWellNetwork, discusses his inspiring journey as a leader and the transformative role of AI in healthcare.

Growing a Business

How Visionary Leaders Transform Curiosity Into Groundbreaking Ideas

Lee Brian Schrager, founder of the South Beach Wine & Food Festival, discusses the spark that launched FoodieCon, his best practices for running popular food events, and why all business owners need to adapt to social media trends.

Money & Finance

Avoid These 10 Mistakes Entrepreneurs Make with Money

Despite the challenging statistic that only 5% of startups survive beyond five years, common financial pitfalls often contribute to their failure. Through personal observation, I've identified the prevalent financial mistakes made by entrepreneurs.

Data & Recovery

Get $60 off This Portable VPN Travel Router

Why keep paying for a VPN service when you can have a tiny, lightweight piece of hardware that can provide you with a lifetime of maximum VPN protection?

Business News

Homeowners in These 10 States Pay the Most in 'Hidden' Upkeep Costs

Hidden home costs pile on top of mortgage payments.