Vodafone CEO Nick Reid Will Step Down After Four Years
December 6, 2022: Vodafone has appointed Margherita Della Valle as interim Group Chief Executive. Wale will also continue as Group Chief Financial Officer.
Meanwhile, Nick Read said in his statement, “I agree with the board that now is the right moment to hand over a new leader who can build on Vodafone’s strengths and seize the significant opportunities ahead.”
Britain’s Vodafone Group announced on Monday that its chief executive Nick Reid will step down later this year after four years in the top job.
Reid will step down at the end of December after more than two decades at the group. The 58-year-old will be replaced on an interim basis by Vodafone chief financial officer Margherita Della Valle.
Reid will be available as an advisor to the board until 31 March 2023. The surprise announcement comes after Vodafone Group announced flat earnings for its first half and a sharp drop in its share price this year.
“I agree with the board that now is the right moment to hand over a new leader who can build on Vodafone’s strengths and seize the significant opportunities ahead,” Reid said in the statement.
He added that it has been a privilege to spend more than 20 years of my career at Vodafone and I am proud of what we have delivered for customers and society across Europe and Africa.
During his four years as group CEO, Reid has steered the mobile group through the deadly Covid-19 pandemic, selling assets to increase its focus on Europe and Africa and spinning off its tower infrastructure into a separate unit. V
odafone also announced that Margherita Della Valle, in addition to being appointed as interim Group Chief Executive, will also continue as Group Chief Financial Officer.
The board has started the process to find a new group chief executive. Meanwhile, Reed, who joined Vodafone in 2001, has worked in a number of roles including local, regional and global senior executive roles until his appointment as CEO in 2018.
Prior to joining Vodafone, the 58-year-old ODL held senior global finance positions. United Business Media plc and Federal Express Worldwide.
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