Vodafone Chief Executive Nick Read To Step Down

Nick Read will be replaced on an interim basis by Vodafone's chief financial officer (CFO) Margherita Della Valle

Nick Read, chief executive officer, Vodafone.

Source : Getty

Nick Read, chief executive officer (CEO) of Vodafone, is stepping down after four years in the top job, the telecoms group said Monday in a surprise announcement. He will leave his role at the end of December following more than 20 years at the group, a statement by Vodafone said.

According to Reuters, Read will be replaced on an interim basis by Vodafone's chief financial officer (CFO) Margherita Della Valle. The development comes after Vodafone recently announced flat earnings for its first half and follows a heavy drop to its share price this year.

"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, "Read said in the statement.

In a statement, Jean-François van Boxmeer, chairman of Vodafone, said, "On behalf of the Board, I would like to thank Nick for his commitment and significant contribution to Vodafone as Group Chief Executive and throughout his career spanning more than two decades with the company."

Meanwhile, private equity (PE) firms such as KKR & Co. and Global Infrastructure Partners are among few companies competing for a stake in Vodafone Group Plc’s wireless towers unit.

According to the report, Swedish investment firm EQT AB has also been exploring a potential investment in Frankfurt-listed Vantage Towers AG, one of Europe's leading tower companies, the sources privy to the development pointed out, while adding that the telco major has invited suitors to participate in an auction process.

The report stated that Vodafone hasn’t take a final call on the size of the stake it wants to sell yet, though a number of bidders are keen to get a majority holding, the sources said. Currently, the UK carrier holds around 82 per cent of Vantage, according to Bloomberg data.