Vodafone CEO Nick Read ousted after commercial challenges

[Jan]

Vodafone CEO ousted

Vodafone Group Plc Chief Executive Officer Nick Read will step down at the end of 2022, after he failed to halt a years-long slide in the telecommunication giant’s share price and mergers with major rivals failed to materialize.

After four years in the post and 21 years at Vodafone, Read will be replaced on an interim basis by Chief Financial Officer Margherita Della Valle while the board, led by Chairman Jean-Francois van Boxmeer, seeks a replacement.

[Bloomberg]

 

[My_King]

Yo, a CEO finally being addressed for a business having issues. I never thought I'd see the day.

I am used to the people doing actual work being retrenched and those that remain having to pick up the slack for the same pay.

 

[KleinBoontjie]

“I agreed with the board that now is the right moment to hand over to a new leader

He'll go on an easy pension, earning more in one year than what I can earn in my whole life time. No wonder he isn't really fazed at moving on.


EDIT: Jissis

As of 2022, the Vodafone CEO’s net worth was estimated to range between 175-225 million USD.