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Shock departure for Vodafone boss Shock departure for Vodafone boss
(10 minutes later)
Vodafone chief executive Arun Sarin is stepping down from his post as the head of one of Britain's biggest companies after five years, the company has said.Vodafone chief executive Arun Sarin is stepping down from his post as the head of one of Britain's biggest companies after five years, the company has said.
He will retire at the end of July and be succeeded by Vittorio Colao, currently deputy chief executive. In a surprise move, he will retire at the end of July and be succeeded by his deputy Vittorio Colao.
The firm said Mr Sarin had led the company through "a period of significant change". The news came as Vodafone unveiled annual pre-tax profits up 2% to £8.9bn.
During his time, Vodafone expanded significantly in emerging markets such as India, Turkey and Romania. Mr Sarin had built a good reputation in the City after a difficult period in 2006 when he faced a shareholder revolt and his performance was criticised.
The move will come as a surprise in the City, where Mr Sarin had built a good reputation after a difficult period two years ago when his performance was criticised. Recovery
Under Mr Sarin, Vodafone expanded in emerging markets such as India, Turkey and Romania.
With mobile phone take-up in Europe near saturation point, by expanding in developing countries, the firm has been able to sign up large numbers of new users.
"I feel that I have accomplished what I set out to achieve, particularly in developing and implementing a new strategy," said Mr Sarin in a statement."I feel that I have accomplished what I set out to achieve, particularly in developing and implementing a new strategy," said Mr Sarin in a statement.
Vodafone chairman Sir John Bond said Mr Sarin had led the company "with distinction". Richard Hunter, from stockbrokers Hargreaves Lansdown, said Mr Sarin's back had been "against the wall" in 2006, when about 15% of shareholders either abstained or voted against him continuing as chief executive.
However, he "has managed to turn that tanker around in recent years", Mr Hunter said.
Succession
Vodafone chairman Sir John Bond led to the tributes to his outgoing chief executive, saying Mr Sarin had led the company "with distinction".
The news that he will be succeeded by his deputy Vittorio Colao will be welcomed by the City, according to Mr Hunter.
"The fact that his number two should be able to slip into his shoes will go down well in terms of succession planning," he said.
"We have seen problems with succession planning even at other FTSE 100 companies."
Unveiling its results, Vodafone said businesses in emerging markets were performing well, especially in India where revenue had jumped by 50%.
But conditions in Europe were "challenging", the firm said. Pressure from competitors and regulators had pushed prices down by 15.8%.