Business | Telecoms
Vodafone rings the changes with Sarin departure
Arun Sarin, the chief executive who safeguarded Vodafone's dominance among mobile operators by expanding into emerging markets, announced his departure on Tuesday, saying he had achieved all he had set out to do.
- Agencies
- Published: 19:23 May 27, 2008
London: Arun Sarin, the chief executive who safeguarded Vodafone's dominance among mobile operators by expanding into emerging markets, announced his departure on Tuesday, saying he had achieved all he had set out to do.
He will be replaced by his deputy, Vittorio Colao, in July.
"I have achieved what I set out to achieve on becoming CEO and therefore I felt the timing was right," Sarin told reporters on a conference call, adding that he did not expect the group's strategy to change.
He warned that Colao, 46, will have to navigate the tricky economic slowdown ahead.
Vodafone made the announcement as it issued a solid outlook for 2009 and annual results for the year ending March 2008 either in line with or slightly ahead of forecasts.
Vodafone unveiled a 5.7 percent rise in operating profits. Full-year figures revealed adjusted operating profits of 10.1 billion pounds for the 12 months to March 31. Underlying pre-tax profits rose two percent to 8.93 billion pounds, according to the group.
Under Sarin, the mobile group expanded into faster-growing emerging markets such as India and Turkey and developed new tariffs and products for services such as downloading games and
music to attract customers in the more mature markets of Europe.
During Sarin's time as CEO, Vodafone has increased its customer base from 120 million to more than 260 million, including its share of affiliates.
Analysts welcomed the smooth transition at the top of the world's largest mobile phone group by revenue but said that it had come slightly earlier than expected.
According to The announcement on Sarin came as Vodafone unveiled a 5.7 percent rise in operating profits.
Full-year figures revealed adjusted operating profits of 10.1 billion pounds for the 12 months to March 31. Underlying pre-tax profits rose two percent to 8.93 billion pounds, according to the group.
According to India-Asian News Service, quoting people close to Vodafone, Sarin might now venture into the private equity world through a lucrative job at one of the world's largest buyout firms. He is also likely to take on several non-executive board seats at large international companies.
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