So long Sarin

27 May 2008 By Una Galani Follow @ugalani

Two years ago, few would have believed the mobile operator s chief executive would survive to depart under his own steam, and in glory. Sarin s deals shifted Vodafone s growth to emerging markets. His chosen successor is left a fight to keep that momentum going.

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Arun Sarin is stepping down as chief executive of Vodafone after five years leading the world's leading mobile phone operator by revenue. Sarin will be succeeded by Vittorio Colao, deputy chief executive and head of Vodafone's European operations.

Arun has done a tremendous job as chief executive. He has led the company with distinction and navigated Vodafone through a period of rapid change. He has developed a new strategy for the business and significantly expanded our footprint in emerging markets, chairman John Bond said in a statement.

Vodafone reported full year organic revenue growth of 4.2% above analyst estimates. In the year ahead, the company expects revenue to grow 12% in 2008 to £39.8bn, adjusted operating profit to rise 9% to £11bn, and capital expenditure to climb 4% to £5.3bn. Free cash flow is expected to remain in the current range.

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