Job done
Hot on the heels of the excellent annual results we reported yesterday, Vodafone Group announced today that 53 year-old CEO Arun Sarin will retire after five years at the top during the 29 July AGM. He will be succeeded by his deputy, Vittorio Colao.
Arin gave a parting toot on his own trumpet. “We have increased our customer franchise to 260 million, up 26 percent. Adjusted earnings per share grew 11 percent and we met or exceeded guidance on every measure. Free cash flow of £5.5 billion underpins our 11 percent increase in dividends.”
“I feel that I have accomplished what I set out to achieve, particularly in developing and implementing a new strategy,” said Arin, who earned £5.7 million in basic salary, bonus and shares last year. A move to a large private equity buyout firm is likely.
Arin presided over acquisitions in Romania, the Czech Republic, Turkey and India, and shed its businesses in Japan and Sweden along with interests in Switzerland and Belgium.
Vodafone also announced the departure of non-exec directors Michael Boskin and Jürgen Schrempp. Boskin joined the Vodafone board following the acquisition of AirTouch in 1999, and Schrempp came on board when Mannesmann was bought in 2000.
