Vodafone Group Plc has announced the appointment of Pilar Lopez as the company's Chief Financial Officer. Lopez will replace Luka Mutic, who previously announced his departure. She will take up her duties as CFO-designate in October and will officially take up the position after Mutich's departure on November 30. This is stated in a statement issued by Vodafone on Thursday.
Lopez joins Vodafone from Microsoft Corp., where she has held a number of senior positions, including Chief Operating Officer for Western Europe and Head of Operations in Spain. Prior to that, she worked for 16 years at Telefonica SA and was a member of the Supervisory Board of the company's German division.
Lopez's appointment comes at a key time for Vodafone. CEO Margarita Della Valle is leading the restructuring of the business, focusing on key markets. This follows the sale of unprofitable assets and the conclusion of a merger agreement with the British operator Three, owned by CK Hutchison Holdings Ltd.. Despite efforts to revitalize the company, Vodafone shares have fallen about 22% since Della Valle's appointment in 2023.
Lopez said that she will work with Della Valle to improve the quality of service, further simplify business processes and ensure sustainable growth in free cash flow. Her experience in Germany can play an important role: this market accounts for about a third of Vodafone's revenue, and the company faced an outflow of customers there after the introduction of a ban on including TV and Internet in rent.
Luka Mutich, who took over as CFO of Vodafone in 2023, is leaving to head Germany's largest landlord Vonovia SE. Prior to that, he held a similar position at SAP SE for almost a decade, where he started his career.
Lopez will receive a base salary of £725,000 (about $971,680). Her bonus can reach 200% of the base salary, and long-term remuneration — up to 450%. By comparison, Mutich received a base salary of £760,000.
Vodafone's stock price remained almost unchanged on Thursday morning at 75.28 pence at 8: 07 am London time. Since the beginning of the year, the company's securities have gained about 10%.
