Nick Read, the CEO of Vodafone, was fired after the company's shares

Nick Read, the chief executive of Vodafone Group Plc, will leave his position at the end of 2022 after failing to reverse a years-long decline in the company's stock price and the failure of proposed mergers with significant rivals.

Margherita Della Valle, the chief financial officer, will fill the position temporarily while the board, headed by chairman Jean-Francois van Boxmeer, searches for a replacement. The business announced in a statement that, who has been in the position for four years and with Vodafone for more than 20 years, will continue to serve as an adviser through the end of March.

Since Read took over in October 2018, Vodafone's share price has fallen by around 44%. The mobile and broadband juggernaut, located in Newbury, England, has decreased costs and debt over that time. The firm's tens of thousands of mobile masts were spun out and listed by Read, and last month, the company was valued at $17.1 billion after selling a share in Vantage Towers AG to a private equity group in a deal valued at €16.2 billion.

Even yet, Read found it difficult to seal agreements that would have decreased the number of competitors in several of Vodafone's most important areas, including the UK, Italy, and Spain. A proposal for the Italian company was rejected, a crucial merger chance in Spain was lost, and although public, negotiations with UK rival Three, owned by CK Hutchison Holdings Ltd., have not yet reached a conclusion. During trading in London at 12:39 p.m., Vodafone shares barely changed. The stock is still very near its 25-year lows.

Given how complicated Vodafone's operations are and how rarely a total outsider has been chosen to the top position, Read's replacement may already have some connection to the corporation.

Contact Us:

BlueWeave Research Blog

Phone No: +1 866 658 6826

Email: info@blueweaveconsulting.com