Vodafone Group PLC (LSE:VOD) has announced that its chief executive, Nick Read, is to step down at the end of the year.
In an unexpected move the FTSE 100 telco said Read would remain as an adviser to the board until the end of March 2023 with Margherita Della Valle appointed interim group chief executive. Della Valle will also continue as group chief financial officer.
In a statement, the group said: “She will accelerate the execution of the company's strategy to improve operational performance and deliver shareholder value.”
Read commented: "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."
Vodafone last month lowered its outlook for the full year as profits fell in the first half, driven by a weak performance in its largest market Germany.
The company is also in talks with CK Hutchison, owner of rival telecoms group Three, to combine their UK businesses which would create the biggest mobile operator in the country.