Nick Read, Vodafone’s chief executive, has reached an agreement with the Vodafone Group board to step down from his role at the end of December. He will stay on as an advisor to the board through the end of March 2023, as the company announced.
In the interim, Vodafone’s chief financial officer, Margherita Della Valle, has been named interim CEO. The board has begun the search for a permanent successor to lead the company into the future.
During Read’s four years at the helm, he guided Vodafone through the pandemic, keeping customers connected with family and business alike. The leadership period emphasized stronger connectivity across Europe and Africa and leveraging Tower infrastructure to create value for the company and its stakeholders.
Read has said that the moment felt right to pass Vodafone’s strengths to a new leader who can seize the opportunities ahead.
Vodafone’s share price has fallen by more than 40 percent over the past four years, including a drop of nearly 20 percent in the last year.
The British operator reported a net attributable profit of 986 million euros in the first six months of its current fiscal year. Revenue for the April-to-September period reached 22,930 million euros, down 2 percent versus the prior year, with a similar trend relative to the first half of the previous year. Services grew slightly, with organic revenue edging higher, and overall profitability benefited from efficiency measures.
For the full year, Vodafone has signaled expectations for an adjusted gross operating profit in the range of 15,000 to 15,200 million euros, reflecting improvements from earlier forecasts that assumed a tougher macroeconomic environment, higher energy costs, and broader inflation. Adjusted free cash flow is expected to be around 5,100 million euros, a small reduction from prior guidance, with a projected band of 15,000 to 15,500 million euros for the period.
Overall, the company remains focused on maintaining strong cash generation while investing in network modernization, digital services, and the integration of converged connectivity assets to sustain growth and preserve shareholder value in a challenging global market. At the same time, the leadership transition is designed to position Vodafone to pursue strategic opportunities and to continue delivering reliable connectivity for customers across its footprint.
All information reflects Vodafone press materials and company statements, as reported by Vodafone authorities and communications teams.