77 Vodafone Group Plc Annual Report 2026
Strategic report
Governance
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Our Board Our business is led by our Board of Directors. Biographical details of the Directors as at 19 May 2026 are provided below. External appointments listed are only those required to be disclosed pursuant to UK Listing Rule 6.4.
Read full biographies vodafone.com/board
Margherita Della Valle Group Chief Executive – Executive Director
Pilar López Group Chief Financial Officer – Executive Director Tenure: <1 year Career and experience Pilar served for 10 years at Microsoft in a range of senior leadership roles including COO for Western Europe, Country General Manager for Spain and the lead on Microsoft’s partnership with the London Stock Exchange Group. Prior to Microsoft, Pilar spent 16 years with Telefónica in a number of finance and senior leadership roles. Her experience at Telefónica includes CFO Telefónica Europe, CFO O2 Plc, Global Simplification Director, leading Strategy & Business Development in Spain and serving on the Supervisory Board of Telefónica Germany. Pilar began her career at J.P. Morgan and was previously a Non-Executive Director of Ferguson Plc. Skills and attributes which support strategy and long-term success – Strong transformational and strategic mindset with the ability to drive operational excellence and deliver sustainable growth. – Deep-rooted knowledge of the finance, telecoms and technology sectors gained through a wide range of international leadership roles. External appointments – Inditex S.A., Non-Executive Director, member of the audit and compliance committee, nomination committee and sustainability committee.
Jean-François van Boxmeer N E Chair – Independent on appointment
Simon Segars T E N Independent Non-Executive Director and Senior Independent Director Tenure: 3 years Career and experience Simon was previously the CEO of Arm Ltd., the global leader in the development of semiconductor intellectual property. He successfully led the business from 2013 to 2022 and generated significant value for investors during his tenure. During 2017 to 2021, Simon was also a Board member of the SoftBank Group. Prior to joining Arm in 1991, he was an engineer at Standard Telephones and Cables. Skills and attributes which support strategy and long-term success – Possesses significant understanding of technology trends and how these are reshaping industry landscapes, which are important in charting the Company’s strategic direction. – Proven history of business transformation and corporate strategy in dynamic and swiftly evolving commercial environments. – Extensive commercial acumen and knowledge of critical business and economic issues. – Extensive experience in public company governance and global leadership, together with a strong understanding of digital inclusion and energy efficient technologies, bring a valuable perspective to the ESG Committee. External appointments – Dolby Laboratories, Inc., non-executive director.
Tenure: 5 years Career and experience
Tenure: 3 years (as Group Chief Executive) Career and experience Margherita’s previous roles within Vodafone were Group Chief Financial Officer from 2018 to 2023, Deputy Chief Financial Officer from 2015 to 2018, Group Financial Controller, Chief Financial Officer for Vodafone’s European region and Chief Financial Officer for Vodafone Italy. After moving to a Group finance position in 2007, Margherita established several shared operations functions, which provide a portfolio of services spanning IT operations, customer care, supply chain management, human resources and finance operations to 28 partners in other markets. Skills and attributes which support strategy and long-term success – Strong commercial and operational leadership with expert knowledge of the global telecommunications landscape after three decades of direct industry experience. – Considerable corporate finance and accounting experience, translating into expert knowledge of capital allocation, operational efficiency and investment appraisal.
Jean-François was the Chief Executive of Heineken for 15 years, having been with the company for 36 years. He held a number of senior roles in Africa and Europe before joining Heineken’s Executive Board in 2001 with worldwide responsibility for supply chain and technical services, as well as regional responsibility for the operating businesses in North-West Europe, Central and Eastern Europe and Sub-Saharan Africa. Skills and attributes which support strategy and long-term success – Extensive international experience in driving growth through both business-to-business and business-to-consumer business models, both of which are integral components of the Company’s strategy and long-term success. – Skilled communicator with a strong track record of developing stakeholder relations and overseeing governance in the context of a large global organisation, which, in his capacity as Chair of the Board, continues to be of great value to the Company. External appointments – The Magnum Ice Cream Company, chair.
Committee key A Audit and Risk Committee E ESG Committee N Nominations and Governance Committee R Remuneration Committee T Technology Committee Committee Chair Member
Upcoming Board and Committee Composition Changes As announced on 15 May 2026, Amparo Moraleda will not be seeking re-election at the 2026 Annual General Meeting on 27 July 2026 and will therefore retire from the Board at the conclusion of the meeting. Anne-Françoise Nesmes will be appointed as ESG Committee Chair and Christine Ramon will be appointed Remuneration Committee Chair with effect from the conclusion of the meeting. Olaf Koch will be appointed as a Non-Executive Director with effect from the conclusion of the 2026 AGM, subject to shareholder approval.
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