The group said chief financial officer Margherita Della Valle will take on the role on an interim basis and alongside her current duties while it hunts for a new boss.

Vodafone chairman Jean-François van Boxmeer said: “I would like to thank Nick for his commitment and significant contribution to Vodafone as group chief executive and throughout his career spanning more than two decades with the company.

“During his four years as CEO, he led Vodafone through the pandemic, ensuring that our customers remained connected with their families and businesses.

Mobile phone giant Vodafone has revealed its boss Nick Read will step down at the end of the year just weeks after unveiling an £880 million plan to slash costs and warning over job cuts and price hikes.

“He has focused Vodafone in Europe and Africa as a converged connectivity provider and led the industry in Europe in unlocking value from tower infrastructure.

“Margherita has recently been taking a broader operational role within the company and the board fully supports her as interim group chief executive.”

Outgoing chief executive Nick Read said: “It has been a privilege to spend over 20 years of my career at Vodafone and I am proud of what we have delivered for customers and society across Europe and Africa.

“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.”

Mobile phone giant Vodafone reveals group chief executive Nick Read is stepping down