Vodafone CEO to step down after four years at helm

Vodafone chief executive Nick Read is stepping down, the British telecoms group said Monday, after a four-year tenure marked by a steep fall in the company’s share price.

Read will leave his role at the end of December following more than 20 years at the group, a statement said. He will be replaced on an interim basis by Vodafone’s chief financial officer Margherita Della Valle, who will continue her current role while Vodafone seeks out a permanent replacement.

His surprise resignation comes after Vodafone recently announced flat earnings for its first half and follows a near 20-percent drop in its share price this year.