Vodafone has appointed Microsoft executive Pilar López as its new Chief Financial Officer, bringing extensive telecoms and technology experience to the role as the company continues its transformation strategy. López will join Vodafone as CFO Designate on 1 October 2025, before formally assuming the position on 1 December 2025.
The appointment follows the announced departure of current CFO Luka Mucic, who joined Vodafone in 2023 and will remain with the company until 30 November to facilitate the transition period.
Extensive Industry Experience
López brings a wealth of international leadership experience across finance, telecoms, and technology sectors. She joins from Microsoft, where she has served for 10 years in various senior leadership positions, most recently leading Microsoft’s partnership with the London Stock Exchange Group. Her previous Microsoft roles include Chief Operating Officer for Western Europe and Country General Manager for Spain.
Prior to Microsoft, López spent 16 years with Telefónica in numerous finance and senior leadership positions, including CFO of Telefónica Europe, CFO of O2 Plc, and Global Simplification Director. She also served on the Supervisory Board of Telefónica Germany and led Strategy & Business Development in Spain.
López began her career at J.P. Morgan and currently serves as a Non-Executive Director of Inditex S.A., having previously held a similar role at Ferguson Plc. She completed a Bachelor’s degree in Finance at Comillas Pontifical University.
Strategic Appointment for Transformation
Margherita Della Valle, Vodafone Group CEO, welcomed the appointment:
“I am delighted that Pilar will be joining Vodafone in October. She has deep-rooted knowledge of both the telecoms and technology sectors, across a range of international leadership positions. Following a significant period of change at Vodafone, Pilar is joining us as we continue to drive operational excellence across the Group.”
López expressed enthusiasm about the role:
“I’m thrilled to be joining Vodafone at such an important time in the Group’s transformation. I am excited to work with Margherita and the team as Vodafone continues to improve the service to its customers, further simplify operations across the Group, and deliver sustainable growth in free cash flow.”
Rigorous Selection Process
Jean-François van Boxmeer, Vodafone Group Chair, highlighted the comprehensive search process: “Following an extensive and rigorous international search, I am very pleased to welcome Pilar to Vodafone and our Board. She brings strong experience from the finance, telecoms and technology sectors across Europe, and is an excellent addition to our team.”
The appointment represents continuity in Vodafone’s strategic direction, with López’s background spanning both the telecommunications industry where she previously worked and the technology sector where digital transformation is increasingly crucial.
Remuneration Package
López’s remuneration package reflects her senior executive status, with a base salary of £725,000, bonus potential of up to 200% of base salary, and long-term incentives capped at 450% of base salary. The package also includes a 10% pension allowance in line with the wider UK workforce and a £19,200 car allowance, with additional relocation support consistent with Vodafone’s policies.
Market Response and Transition
Vodafone shares rose 1.0% to 75.99 pence following the announcement, indicating positive market reception of the appointment. The structured transition period allows for knowledge transfer between López and outgoing CFO Mucic, who played a key role in reshaping the company’s capital allocation priorities and driving renewed focus on operational performance.
Mucic commented on his departure: “It has been rewarding to help shape Vodafone’s transformation. I have the utmost confidence in the company’s future success.”
Company Context
The appointment comes as Vodafone continues its operational transformation and simplification strategy. The company provides mobile and fixed services to over 340 million customers in 15 countries and partners with mobile networks in over 40 additional markets. In Africa, Vodafone’s financial technology businesses serve almost 88 million customers across seven countries.
López’s dual expertise in both telecommunications operations and technology transformation positions her well to guide Vodafone’s financial strategy as the industry increasingly converges around digital services and technological innovation.
