Vodafone CEO Nick Read to step down by year end

Britain's Vodafone Group announced on Monday that its Chief Executive Nick Read's would resign by the end of this year. Read would be replaced on an interim basis by finance chief Margherita Della Valle.

Shares of Vodafone is down at by 0.05 points or 0.60 percent to Rs 8.25 at 1:35 PM IST.

Read led the company through the pandemic, sold assets to increase its focus on Europe and Africa and carved out its towers infrastructure into a separate unit during his four years tenure. Despite the changes, its shares had remained in the doldrums.

"I agreed with the board that now is the right moment to hand over to a new leader who can build on Vodafone's strengths and capture the significant opportunities ahead," he said in a statement.

-With inputs from Reuters