Vodafone CEO Nick Read to step down

 

After four years in the top position, Vodafone Chief Executive Nick Read is resigning, the telecoms company announced unexpectedly on Monday.

After more than 20 years with the company, he will step down from his position at the end of December, according to a statement.

Margherita Della Valle, Vodafone's chief finance officer, will take over Read's position temporarily.

It follows a sharp decline in the share price of Vodafone this year and follows the company's recent announcement of flat first-half earnings.

According to the announcement, Read "agreed with the board that this is the right time to transfer over to a new leader who can build on Vodafone's strengths and seize the substantial prospects ahead."