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Vodafone Group PLC said Chief Executive Nick Read will step down at the end of December, after 21 years at the telecommunications firm and after just over four years as CEO.
Vodafone shares rose 2.1% to 93.09 pence each on Monday morning in London, following the announcement The stock is down 18% in the past 12 months and down 70% during Read’s time in charge.
Read will be available as an adviser to the board until the end of March 2023, when the current financial year ends, the Berkshire, England-based telecommunications company said.
Chief Financial Officer Margherita Della Valle will step up as an interim CEO, in addition to continuing her role as CFO. The board has begun a process to find a replacement CEO.
In its most recent earnings results released last month, Vodafone reported half-year pretax profit of €1.73 billion for the six months to September 30, up 35% from €1.28 billion a year prior. Revenue rose 2.0% to €22.93 billion from €22.49 billion.
However, the company back in November lowered its full-year outlook for financial year 2023 for adjusted earnings before interest, tax, depreciation, and amortisation and special losses to between €15.0 billion and €15.2 billion. Previously, it had guided between €15.0 billion and €15.5 billion. For financial 2022, adjusted Ebitda amounted to €15.2 billion.
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