Vodafone said chief executive Nick Read would step down at the end of the year.
Chief financial officer Margherita Della Valle has been appointed interim CEO and “will accelerate the execution of the company’s strategy to improve operational performance and deliver shareholder value”, the company said on Monday.
Read will remain with the telecoms giant until March 31, 2023.
Vodafone last month lowered its outlook for the full year as profits fell in the first half, driven by a weak performance in its largest market Germany.
The company is currently in talks with CK Hutchison, owner of rival telecoms group Three, to combine their UK businesses which would create the biggest mobile operator in the country.
Reporting by Frank Prenesti for Sharecast.com
