Vodafone share their Online Safety Demonstration

Vodafone’s ex-boss has landed more than £4 million in salary and bonuses for the year to March, despite being forced out due to lacklustre performance and extensive job cuts at the end of 2022.

Nick Read left on December 31 last year after four years as group chief executive just weeks after unveiling an £880 million plan to slash costs and warning over job cuts and price hikes.

The company’s annual report revealed that Mr Read’s generous pay package for 2022-23 totalled £3.9 million, which includes a £1.6 million share award from an earlier long-term bonus plan scheduled for payout this August, as well as a £406,000 cash reward for dividends due on those shares and a £904,000 annual reward.

Mr Read received an additional £270,375 in salary for the initial three months of 2023 during his advisory role to the board.

He’ll also receive £732,629 as salary, along with benefits, for the rest of his 12-month notice period until March next year.

Vodafone also disclosed they would contribute up to £7,000 toward legal fees associated with his exit and that Mr Read is eligible for ‘outplacement support’ valued up to £50,000.

The report comes after Vodafone reported a 1.3% drop in full-year earnings to a lower-than-anticipated 14.7 billion euros (£12.8 billion).

Further job reductions are anticipated if a merger with Three UK gains regulatory consent, with plans to save more than £700 million annually within five years. 

Mr Read’s successor, former chief financial officer Margherita Della Valle, admits the company’s performance has “not been good enough” and last month initiated a three-year cost-saving plan that saw 11,000 jobs axed group-wide.

The latest annual report shows Ms Della Valle earned £3.7 million in salary and bonuses for the year to March, which includes her three-month stint as interim chief executive.

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