online money

LONDON: In a surprise announcement, British telecom giant Vodafone
said on Tuesday that Arun Sarin would step down as its CEO in July,
but did not give any reasons for his exit.

India-born Sarin, 53, who was only in April named the most influential
businessperson in British technology and telecom space for overcoming
shareholder dissent and making Vodafone the largest mobile service
provider, has led the company for about five years.

"I have come and did what I came to do," he said later at a
conference, adding that Vodafone is well positioned strategically with
a strong management team.

Coinciding with the announcement of the financial results for the year
ended March, when the company saw its net profit grow by over 14 per
cent with a significant push from its Indian operations, Vodafone
announced this morning that Sarin would step down after the annual
general meeting on July 29.

IIT-educated Sarin has been associated with a number of strategic
initiatives taken by the company, with the most latest of a
significant size being Vodafone's multi-billion dollar acquisition
last year of Hutchison Essar, then India's fourth largest mobile
operator.

In his five-year tenure as CEO, Sarin has led strategic transactions
-- both merger and acquisitions as well as asset sell-offs, worth
close to 50 billion dollars across the world.

While the company has grown in leaps and bounds, both in terms of
financial strength and geographic presence under Sarin's leadership,
his tenure has also been marked with opposition from dissenting
shareholders.

In 2006, nearly 10 per cent shareholders voted against re-election of
Sarin, who has been on the company's Board since 1999.

http://www.adsensemoney100.blogspot.com/