Vodafone CEO to step down after four years at helm
FILE PHOTO: The headquarters of Vodafone Germany are pictured in Duesseldorf September 12, 2013. REUTERS/Ina Fassbender/File Photo
Vodafone chief executive Nick Read is stepping down as chief executive of the group 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 said.
Read will be replaced on an interim basis by Vodafone's chief financial officer Margherita Della Valle.
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It comes after Vodafone recently announced flat earnings for its first half and follows a heavy drop to its share price this year.
"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.
