London: Vodafone Group Chief Executive Arun Sarin is to stand down in July after five years, the group said on 27 May, as it hit forecasts for annual revenues and earnings and issued a 2009 outlook in line with expectations.
Sarin will be replaced at the world’s largest mobile phone company by revenue by his deputy chief executive and head of the European business, Vittorio Colao.
British-based Vodafone said earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 13.2 billion pounds ($26.11 billion) on revenues of 35.5 billion pounds.
Analysts had been expecting EBITDA of 13.1 billion pounds and revenues of 35.3 billion pounds according to Reuters Estimates.
Publishing its forecasts for the year ahead, the company said it expected group revenue of between 39.8 - 40.7 billion pounds, with adjusted operating profit of 11 billion pounds and 11.5 billion pounds.