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Nick Read steps down as head of the Vodafone Group

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Vodafone Group on Monday announced that it CEO Nick Lees will step down by the end of the year after four years in the key role.



The companies Financial director (CFO) Margherita Della Valle has been appointed interim Group Chief Executive, the company said in a statement.

Read will step down as Group Chief Executive and Director of Vodafone on December 31, after which he will be available as an advisor to the Board of Directors until March 31, 2023.

“On behalf of the Board of Directors, I would like to thank Nick for his commitment and significant contribution to Vodafone as Group Chief Executive and throughout his more than two-decade career with the company,” said Jean-Francois van Boxmeer, Chairman of Vodafone.

Della Valle will accelerate the execution of the company’s strategy to improve operational performance and create shareholder value.

In addition to his appointment as interim Group Chief Executive, Della Valle will also remain as Group CFO.

The Vodafone Board has started a process to find a new Group Chief Executive.

During his four years as CEO, Read guided Vodafone through the pandemic and ensured our customers stayed connected to their families and businesses.

He founded Vodafone in Europe and Africa as a converged connectivity provider and led the industry in Europe in unlocking value from tower infrastructure.

“It has been a privilege to spend more than 20 years of my career with 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 time is to pass the baton to a new leader who can build on Vodafone’s strengths and seize the significant opportunities ahead,” said Read.

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