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Vodafone CEO stepping down; CFO to take over

Vodafone Group PLC CFO Nick Read will assume the role of CEO, effective Oct. 1, replacing Vittorio Colao.

Read will be made Vodafone chief executive-designate as of its July 27 annual general meeting.

Margherita Della Valle, who has been deputy CFO since 2015, will assume the role of CFO and become a member of the board.

Colao has been Vodafone's CEO since July 2008, while Read has been CFO since April 2014.

The developments follow Michel Demaré being appointed as a nonexecutive director of the company, effective Feb. 1, while Mathias Döpfner will stand down as a nonexecutive director, effective July 27.