Vodafone Group announced that Nick Read will step down as Group Chief Executive and as a Director of Vodafone on 31 December 2022.

Nick Read has spent four years as CEO of the global telecom operator. He worked with nearly 20 years in several positions at Vodafone.

Vodafone has named Margherita Della Valle as interim Chief Executive Officer. She will accelerate the execution of the company’s strategy to improve operational performance and deliver shareholder value.

In addition to being appointed interim Group Chief Executive, Margherita Della Valle will also continue as Group Chief Financial Officer. Vodafone said it has initiated a process to find a new Group Chief Executive.

Margherita Della Valle’s remuneration as Interim Group Chief Executive and Group Chief Financial Officer will be as follows:

Base salary – £1,081,500 per annum, aligned with Nick Read’s current base salary.

Bonus – Maximum of 200 percent of base. No change from her current position.

LTIP – Maximum of 500 percent of base, in line with Nick’s current award level. Margherita will also receive a top up GLTI award in February 2023 to reflect the change in her status.

Pension – 10 percent of base as an allowance. No change from her current position.

Car allowance – £19,200, no change to her current position.

Nick Read, during his four years as CEO, led Vodafone through the pandemic, ensuring that customers remained connected with their families and businesses. He has focused Vodafone in Europe and Africa as a converged connectivity provider and led the industry in Europe in unlocking value from tower infrastructure.