Vodafone’s Chief Financial Officer Luka Mucic is stepping down after less than three years to become CEO of Germany’s largest landlord, Vonovia.
The unexpected move comes as Vodafone faces challenges in its largest market, Germany, where a decline in service revenue led to a drop in share value earlier this year.
Luka Mucic’s exit is seen as a setback for Vodafone, with analysts expressing concerns over the timing and impact on the company’s recovery efforts.
Vodafone, which has struggled with the fallout from the end of pay-TV bulk contracts in German apartment blocks, is now searching for Luka Mucic’s successor, with an update expected soon. The company will report its annual results on May 20.
Margherita Della Valle, Vodafone Group CEO said: “During his time with us he has played a key part in resetting our capital allocation priorities and enhancing our focus on operational excellence.”
Luka Mucic said: “Over the last two years, Vodafone has undergone a wide-reaching transformation programme to reshape our portfolio, simplify our organisation, and refocus on our customers and operational excellence.”
