Vodafone CEO steps down
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Vodafone Group Plc today announces that, after five years in the role, Arun Sarin will be retiring as Chief Executive at the end of the Company’s AGM on 29th July 2008. He will be succeeded by Deputy Chief Executive Vittorio Colao.
Under Sarin, Vodafone expanded heavily into emerging markets including Romania, Czech Republic, Turkey, and most recently, India where Arun Sarin led the acquisition of Hutchison Essar, which is the largest foreign investment made in the country. The Company has also grown its customer base from 120 million to more than 260 million globally and over this period Vodafone has consistently delivered strong results. Returns to shareholders over this period have also been very positive with dividends increasing from 1.69p to 7.51p, an increase of more than 400%.
The company also announced earnings for year ending March 31st 2008. Key highlights include
- Group revenue of £35.5 billion, an increase of 14.1%, with organic growth of 4.2%
- Group adjusted operating profit up by 5.7% to £10.1 billion
- Adjusted earnings per share up by 11.0% to 12.50 pence. Basic earnings per share of 12.56 pence
- Mobile customer base of 260 million at 31 March 2008
