Vodafone chief executive shock exit
May 28, 2008
Vodafone chief executive shocked the City by announcing his departure at the end f July. He is to be replaced by his deputy Vittorio Coloa.
Sarin has said that he had “accomplished what I set out to achieve” since he replaced Sir Christpher Gent. Sarin extended Vodafones global market which included the takeover of India’s Hutchinson Essar in 2007. He also cut the debt the company was in.
The announcement accompanied Vodafone’s financial results which reported a 5.7% jump in operating profits to £10bn, with revenues up 14% at £35.5bn. Mr Sarin predicts strong growth within the current year with profits possibly reaching £11.5bn.
Vittario Colao joined Vodafone in 2006 and has been the most likely candidate for CEO for some time. It is thought by analysts that Calao’s appointment would not lead to major changes at Vodafone.
“It’s difficult to see what Calao could do differently to his predecessor,” said Mark James of Collins Stewart.
www.vodafone.co.uk
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