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Vodafone chief government Nick Learn will step down on the finish of this month following a turbulent yr through which the corporate’s share value has fallen sharply.
Learn, who has led the telecoms group since 2018, shall be changed on an interim foundation by Margherita Della Valle, Vodafone’s chief monetary officer, whereas it seeks a everlasting substitute.
His exit comes lower than a month after Vodafone minimize its full-year revenue forecast, with the group pinning the blame on a weak German market. Germany accounts for about 30 per cent of the group’s income.
“I agreed with the board that now could be the best second handy over to a brand new chief who can construct on Vodafone’s strengths and seize the numerous alternatives forward,” Learn stated in a press release on Monday.
The corporate stated Della Valle would proceed in her function as CFO whereas she runs Vodafone within the interim. Learn, who has been on the group for greater than 20 years, will stay an adviser to the board till the top of March.
Learn has struggled to persuade traders of his skill to enhance the group’s efficiency and switch round its share value. The inventory has fallen 19 per cent this yr in contrast with a 2 per cent acquire within the FTSE 100.
Over the previous 12 months, Vodafone has confronted rising strain from activist traders to overtake its sprawling array of companies and ditch underperforming models.
Learn struck a collection of offers, together with an settlement final month to promote as much as 50 per cent of its €14.8bn cell phone masts enterprise.
Vodafone stated that Della Valle would “speed up the execution of the corporate’s technique to enhance operational efficiency and ship shareholder worth”.
Learn led Vodafone by means of the pandemic, “making certain that our clients remained linked with their households and companies”, stated Jean-François van Boxmeer, chair of Vodafone.
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