Unexpected departure for Vodafone chief

Vodafone has announced the shock retirement of its chief executive Arun Sarin.

A statement said he would step down after the company's AGM on July 29th.

The 53-year-old will be succeeded by his deputy Vittorio Colao, Vodafone added.

Mr Sarin's departure had not been anticipated in the City after he led the company's expansion in India, oversaw the purchase of Hutchison Essar and more than doubled its global customer base.

On Tuesday he said it had been a "privilege" to lead the company as chief executive for five years.

"I am very proud of what Vodafone and its 71,000 people have achieved and the good momentum we have in the marketplace," he explained.

"I know that the business is in capable hands with Vittorio Colao. Having worked with him for many years I know that he has the experience and vision to take Vodafone on to future success."

Group chairman Sir John Bond added that Mr Sarin had done a "tremendous job" in his capacity as chief executive.

Notification of Mr Sarin's retirement coincided with Vodafone's end-of-year results, which showed a 14.1 per cent rise in group revenue to £32.5 billion and a 5.7 per cent increase in operating profit to £10.1 billion.