The telecommunications company Vodafone surprisingly has to look for a new boss. Nick Read will give up his post at the end of the year and will be available as a consultant until the end of March next year, Deutsche Telekom's British competitor announced on Monday.

CFO Margherita Della Valle will temporarily lead the company. The search for a successor has begun. Read has led the group since 2018 and has worked for the company since 2001. In contrast to the competition, Vodafone recently expected a rather weak profit development for this financial year.