Vodafone boss to step down at end of year
Mobile phone giant Vodafone has revealed its boss, Nick Read, will step down at the end of the year just weeks after unveiling an £880 million plan to slash costs and warning over job cuts and price hikes.
Mr Read will leave on December 31 after four years as group chief executive, but will remain an adviser to Vodafone's board until March 31.
The group said chief financial officer Margherita Della Valle will take on the role on an interim basis and alongside her current duties while it hunts for a new permanent boss.
It comes just weeks after Mr Read announced plans to cut costs by one billion euros (£880 million) and cautioned over job losses as part of a swingeing overhaul.
He said last month that prices would have to rise in the face of soaring energy bills and inflation, while also revealing that jobs were set to be impacted by aims to radically simplify the group, and accelerate the digitalisation of its operations.