Vodafone CEO Sarin to go

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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.

Under Sarin, the mobile group acquired a controlling stake in one of India's biggest mobile phone companies, Hutchison Essar, to expand into faster-growing emerging markets and counter tougher conditions in Europe.

On Tuesday, Vodafone said its annual group earnings before interest, tax, depreciation and amortisation (EBITDA) rose over 10 percent to 13.2 billion pounds on revenues of 35.5 billion pounds.

The group posted organic revenue growth of 4.2 percent.

Analysts were expecting EBITDA of 13.1 billion pounds and revenues of 35.3 billion pounds, according to Reuters Estimates.

"Arun has done a tremendous job as chief executive," Chairman John Bond said in a statement.

"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."

Publishing its forecasts for the year ahead, the company said it expected group revenue of between 39.8 billion pounds to 40.7 billion pounds, with adjusted operating profit of 11 billion pounds to 11.5 billion pounds.

The results for the year to March 31 were boosted by booming growth from the EMAPA unit of businesses in Eastern Europe, Middle East and Africa, Asia, Pacific and Affiliates which saw 14.5 percent organic revenue growth.

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