Nick Read, CEO of mobile giant Vodafone, steps up down .in the end of The yearafter a fouryear period marked by a sharp fall in company share price And a recent cost-cutting plan, Brits group Monday said.
reading will leave him role .in the end of the following December more From 20 years on group But I will remain Vodafone consultant board Until March 31, a statement said.
The group chief said financial Officer Margherita della Valle will take over on The role on On a temporary basis, besides her current duties while hunting for a new permanent boss.
His sudden resignation came after Vodafone recently announced flat earnings for that it first half It follows approximately 20% drop in that it share price this is year.
“I agreed with The board Now is the time over To the new leader who Can build on Vodafone strengths and capture Big opportunities ahead,” Reid said in Statement.
Leaves with Vodafone in talks over Incorporating its operations in the United Kingdom with Competitor Three UK, owned by Hong Kong-based CK Hutchison.
Vodafone believes that the combination of the two will speed up the launch of the product of 5G connections technology in The United Kingdom, which has been hampered in part by Britain preventing Chinese giant Huawei from interfering in The technology Offers faster downloads than 4G.
Involved in Vodafone rose 2% after the announcement with one analyst Saying that investors hope the change at the top will reinvigorate it share price.
Vodafone chief Jean-Francois van Boxmeer said: “I will like To thank Nick for His commitment and significant contribution to Vodafone,” adding that “in his four years as CEO, he has led Vodafone through the pandemic, ensuring our customers stay connected.” with their families and their businesses.”
The group He said Reid will receive salary and benefits through March 31, after which he will amount instead of his salary for the rest of His notice period of 12 months.
Leadership technology Etisalat company in Europe and Africa also He said she would pay up 7,000 Egyptian pounds ($8,600) in legal fees in Connection with Departure of the CEO stated that he is entitled to ‘external placement support” worth up to 50,000 pounds.
