Nick Read is set to step down from his role as the Chief Executive Officer of Vodafone Group on December 31, four years after his appointment, as announced by the company. His tenure, which began in October 2018, saw a significant decline in Vodafone's share price, falling by over 40% and reaching levels not seen since 1997. This performance reportedly left the company's board dissatisfied with the lack of progress in delivering growth.

During his leadership, Read focused on operations in Europe and Africa, witnessing the British telecommunications giant face losses in its largest market, Germany, as well as other European countries. Despite these challenges, Read stated that his departure was a mutual decision with the board, believing it was the right moment to hand over to a new leader who could build on Vodafone’s strengths and capitalize on future opportunities.

Margherita Della Valle, Vodafone's current Finance Chief, will assume the role of interim CEO while continuing her CFO responsibilities. She has been tasked with accelerating the execution of the company’s strategy to improve operational performance and enhance shareholder value. Vodafone has confirmed it will initiate a search for Read's permanent successor, considering both internal and external candidates, with the aim of finding someone who can expedite the existing strategic plans.

Nick Read brings two decades of experience within the telecommunications sector. He earned a Bachelor of Science in Accountancy and Finance from The Manchester Metropolitan University. His professional journey began in the 1990s, where he served as director of Financial Planning & Analysis for the UK and Ireland region before being appointed Vice President of Global Corporate and Strategic Financial Planning. He later became CFO of Vizzavi Europe Ltd in 2001, then CFO of Vodafone UK in 2002. His career at Vodafone progressed significantly, leading to his appointment as CEO of Africa, the Middle-East, and the Asia-Pacific region in 2008, followed by Group CFO in the same year, ultimately culminating in his appointment as Group CEO in 2018.