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Tuesday, May 27, 2008
Vodaphone Posts Record Profit; CEO to Resign
FOXBusiness
The world’s largest cell phone company Vodaphone (VOD) said its chief executive Arun Sarin will resign.
Sarin’s resignation comes after Vodaphone posted a better-than-expected profit for the year. He said he "felt the timing was right to hand over as the company is in a good position strategically."
Vodafone said it earned a full-year profit of $13.25 billion, compared with a net loss of 5.29 billion pounds a year earlier. Revenues increased 14% to $70.2 billion from the year before.
While the timing of the Sarin announcement was a surprise, the nomination of Italian-born Vittorio Colao as his successor was largely expected.
Shares in the company rose 1% to $3.25 in late trading in London.
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