Vodafone, the CFO Luka Mucic

(Reuters) -Luka Mucic, Vodafone’s head of finance, after less than three years in the role, said the mobile group on Wednesday, in a surprise play that could enthusiastically enthusiastate the company’s perspectives.

The change in management is in the midst of Vodafone’s efforts to resuscitate the damaged performance in its largest market, Germany. In February, their shares fell more than 6% and erased the earnings obtained during the last twelve months after Vodafone reported another fall in service revenue in Germany. They have been recovered since then, but they fell 1.4% on Wednesday after the move of Mucic was announced.

Mucic, 53, has taken an offer to be the CEO of the older owner of Germany, Vonovia SE, as the company changes its long-term CEO to try to recover from a real estate fall throughout the industry.

“While I look forward to the next step of my career in my native Germany, it has been rewarding to help shape the transformation and I have the maximum confidence of Vodafone’s future success,” Mucic said in a statement.

JPMORGAN analyst Akhil Dattani, in a note, said that while Vodafone’s Mucic’s departure will be “clearly surprised”, and is a “important blow” to the company, his desire to pursue this new opportunity is understandable. “

The company has been affected at the end of the mass -paid television contracts in apartment blocks in Germany, which came into force last year. He has warned that the financial success of this market would take some quarters to spend it.

Mucic, a German national who formerly acted as a finance head in SAP, was designated as Vodafone’s financial director in September 2023.

He left the company until the beginning of 2026, said the company.

Vodafone said that a “rigorous” search for his successor continues, with an update scheduled for him.

JPMORGAN DATTANI said that it could be difficult to identify and attract higher talent, as the time restrictions imposed by movements, which will also propose concerns about visibility.

Vodafone will report its annual results on May 20.

(Report by Pushkala Ariipaka in Bengaluru; edition of Mrigank Dhaniwala and Sharon Singleton)