The unscheduled advertisement comes at a time when Vodafone’s stock price is at a 20- time low, as Read’s strategy has failed to turn around a long– term decline that set in back in 2015. The shares are down by nearly half since Read took over.
That’s incompletely due to Read’s hand deal last time to spin– off Vodafone’s structure unit, Vantage Towers( ETRVTWRn). But, while Vantage has added around€ 4 billion to its request value in that time, Vodafone has continued to shrink.
In his four times as CEO, Read had also continued Vodafone’s retreat fromnon-core requests and corroborated the group‘s European presence with the accession of Liberty Global’s( NASDAQLBTYA) German operations Unitymedia.
still, erecting up in Europe’s largest request has so far failed to deliver the hoped- for returns, and the company was forced to admit” marketable underperformance” in Germany had been a drag on its results in the first half of its financial 2023 time. Advanced debt servicing costs were also eating into its cash inflow, putting fresh pressure on its capability to sustain one ofU.K. PLC’s biggest tips. As a result, the company had been forced to trim its beginning profit and cash inflow guidance for the full time.
Read will be succeeded on an interim base by principal fiscal officer Margherita Della Valle.
” She’ll accelerate the prosecution of the company‘s strategy to ameliorate functional performance and deliver shareholder value,” the company said in a statement.
