Vodafone Appoints Pilar López as its CFO
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 is set to take on the role of CFO designate in October, officially succeeding Mucic after his departure on November 30. She comes from Microsoft Corp., where she held various senior roles, including the chief operating officer for Western Europe and the country lead for Spain.
Additionally, she has 16 years of experience at Telefonica SA and has served on the supervisory board of the German unit of that company.
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This appointment occurs at a pivotal moment for Vodafone. CEO Margherita Della Valle is concentrating the business on its core markets after divesting underperforming assets and announcing a merger deal with CK Hutchison Holdings Ltd.'s Three in the UK.
Della Valle’s promised turnaround has not yet produced results, with the share price dropping approximately 22 percent since her appointment in 2023.
In her statement, López mentioned that she would collaborate with Della Valle to enhance Vodafone's services, streamline operations, and achieve sustainable growth in free cash flow.
López's experience in Germany may prove especially advantageous, as this market, contributing nearly a third of Vodafone's revenue, has faced significant customer losses following a legal change that prevented landlords from bundling TV and broadband with the rent.
Mucic, who became Vodafone's CFO in 2023, is transitioning to lead Germany’s largest landlord, Vonovia SE. He previously held the same position for almost a decade at SAP SE, a German software company where he began his professional journey.
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López will have a base salary of £725,000 ($971,680), with a potential bonus of up to 200 percent of this amount and a long-term incentive of up to 450 percent. Mucic's base salary was £760,000.