Vodafone (NASDAQ:VOD) stock is on the move Monday as investors react to the company’s CEO stepping down after a poor year.
Vodafone CEO Nick Read will leave the company at the end of the year. This will have CFO Margherita Della Valle taking over as the interim CEO of the company following his departure. Read will stick around as an adviser to the company’s Board of Directors until March 31, 2023.
Della Valle will continue to serve as CFO of Vodafone while acting as interim CEO. During her time in the position, the executive will focus on improving operational performance to increase shareholder value.
VOD Seeks a New CEO
With Margherita Della Valle only serving as the interim CEO of Vodafone, the company wants a permanent replacement for Read. Vodafone says it has already started the process of seeking out a new CEO.
Nick Read said the following about his departure from Vodafone:
“It has been a privilege to spend over 20 years of my career at Vodafone and I am proud of what we have delivered for customers and society across Europe and Africa. 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.”
VOD stock is down 1.4% as of Monday afternoon and down 28.1% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.