Vodafone CEO to step down after four years at helm

London. Vodafone chief executive Nick Read is stepping down as chief executive of the group after four years in the top job, the telecoms group said Monday in a surprise announcement.

He will leave his role at the end of December following more than 20 years at the group, a statement said.

Read will be replaced on an interim basis by Vodafone's chief financial officer Margherita Della Valle.

It comes after Vodafone recently announced flat earnings for its first half and follows a heavy drop to its share price this year.

"I agreed with the board that now is the right moment to hand over to a new leader who can build on Vodafone's strengths and capture the significant opportunities ahead," Read said in the statement.