Vodafone Appoints Microsoft Executive Pilar López as CFO
(Bloomberg) -- Vodafone Group Plc has appointed Pilar López as its new chief financial officer following the departure of Luka Mucic, who announced he was leaving last month.
López will join in October as CFO designate before taking over the official role after Mucic leaves on Nov. 30., the company said in a statement on Thursday. López joins from Microsoft Corp., where she held a range of senior positions including chief operating officer for Western Europe and country lead for Spain. She also spent 16 years at Telefonica SA and had served on the supervisory board of the company's German unit.
The appointment comes at a critical time for Vodafone. Chief Executive Officer Margherita Della Valle is refocusing the business on its main markets after selling off underperforming assets and announcing a deal to merge with CK Hutchison Holdings Ltd.'s Three in the UK. Della Valle's promised turnaround has yet to materialize, and the share price has fallen about 22% since she was appointed in 2023.
López will work with Della Valle to improve Vodafone's service, further simplify operations and deliver sustainable growth in free cash flow, she said in the statement.
López's German experience could be particularly valuable. The market, which represents about a third of Vodafone's revenues, has struggled with significant customer losses after a law change barred landlords from bundling rent with TV and broadband.
Mucic, who was named Vodafone's CFO in 2023, is leaving to run Germany's largest landlord, Vonovia SE. He held the same role for nearly a decade at German software group SAP SE, where he started his professional career.
López will receive a base salary of £725,000 ($971,680). Her bonus will be as much as 200% of her base pay and she'll get a long-term incentive of up to 450%. Mucic received a base salary of £760,000.
Vodafone shares were little changed at 75.28 pence at 8:07 a.m. in London trading on Thursday. The stock has gained 10% this year.
(Updates with additional context throughout. An earlier version corrected the spelling of López's name in the photo caption)
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