[ad_1]
Britain’s Vodafone Group said on Monday that chief executive officer Nick Read will step down at the end of this year and will be replaced on an interim basis by finance chief Margherita Della Valle. Read will be available as an advisor to the board until March 31, 2023.
“It has been a privilege to spend more than 20 years of my career at Vodafone and I am proud of what we have delivered to customers and society across Europe and Africa.” I agreed with the board that now is the right time to hand over a new leader who can build on Vodafone’s strengths and take advantage of the significant opportunities ahead,” said Nick Read, group chief executive, in a statement.
“On behalf of the board, I would like to thank Nick for his dedication and significant contribution to Vodafone as Group CEO during his career spanning more than two decades with the company,” said Jean-Francois van Bockmeer, president of Vodafone, in statement.
During his four years as CEO, he led Vodafone through the pandemic and focused Vodafone in Europe and Africa as a converged connectivity provider and led the industry in Europe in unlocking value from torn infrastructure.
“Margherita Della Valle has recently taken on a broader operational role at the company and the board fully supports her as Interim Group CEO,” the chairman added.
This news comes at a time when Vodafone Idea is facing financial crisis. According to an ET report, American Tower Corp (ATC) said in a recent filing with the US Securities and Exchange Commission (SEC) that Vodafone Idea (Vi), its largest customer in India, may not be able to meet its operational obligations, including future payments, which could have a material adverse effect on the operations and results of operations of the American tower company.
5G services were launched in India at the Indian Mobile Congress (IMC) 2022 by Prime Minister Narendra Modi. Unlike Reliance Jio and Airtel which have given a timeline for rolling out 5G services, Vodafone Idea is yet to reveal any rollout schedule.
[ad_2]
Source link
