Vodafone announces solid results and departure of chief executive

Arun Sarin is leaving Vodafone after five years as chief executive

Vodafone's chief executive Arun Sarin is to leave the company in July, having been at the mobile phone group for five years.

Sarin announced he was stepping down as the firm revealed full-year results for the 12 months ended 31 March. Operating profit rose 5.7 per cent to £10.1bn, while revenue totalled £35.5bn, an increase of 14.1 per cent on the previous year.

Under Sarin's leadership, the company has grown its worldwide user base from 120 million to 260 million, said Vodafone. Chairman Sir John Bond praised the work done by the exiting chief executive.

“Arun has done a tremendous job as chief executive," he said.

"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."

Sain will be succeeded by deputy chief executive Vittorio Colao.