Vodafone CEO Nick Read to Step Down After Four-Year Tenure, Telecoms Firm Says

Vodafone chief government Nick Learn is stepping down, the British telecoms group mentioned Monday, after a four-year tenure marked by a steep fall within the firm’s share value.

Learn will go away his function on the finish of December following greater than 20 years on the group, a press release mentioned.

He can be changed on an interim foundation by Vodafone’s chief monetary officer Margherita Della Valle, who will proceed her present function whereas Vodafone seeks out a everlasting alternative.

His shock resignation comes after Vodafone lately introduced flat earnings for its first half and follows a close to 20-percent drop in its share value this yr.

“I agreed with the board that now’s the correct second handy over to a brand new chief who can construct on Vodafone’s strengths and seize the numerous alternatives forward,” Learn mentioned within the assertion.

He departs with Vodafone in talks over merging its UK operations with rival Three UK, owned by Hong Kong-based CK Hutchison.

Vodafone believes a mixture would speed up the rollout of 5G telecoms know-how within the UK, which has been partly hampered by Britain banning Chinese language big Huawei from involvement within the know-how providing quicker downloads than 4G.

Vodafone’s share value was flat at GBP 91 (roughly Rs. 9,000)¬†following Monday’s announcement.

“With the shares languishing at their lowest ranges in additional than 20 years it’s onerous to explain departing Vodafone CEO Nick Learn’s tenure as something aside from a disappointment,” famous Russ Mould, funding director at AJ Bell.

“Learn’s remaining set of outcomes final month did him completely no favours, as Vodafone downgraded full-year steering.”

He additionally got here underneath strain from main activist investor Cevian Capital, which lately slashed its stake in Vodafone.

Nonetheless, Learn “helped to steer the telecoms big by the challenges of the pandemic, aiding connectivity when people and households had been pressured to remain house throughout strict lockdowns”, mentioned Victoria Scholar, head of funding at Interactive Investor.

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