Arun Sarin to step down as Vodafone chief

BANGALORE, INDIA: Ending speculation about his future in Vodafone, Arun Sarin said today that he is stepping down as the chief executive of the telecom conglomerate after serving the company for five years.

According to media reports, Sarin, 53, may resign in July and will be replaced by Vittorio Colao, who is next in line for the chief executive post. Colao is responsible for the company's European operations.

The announcement is surprising especially considering Sarin’s contribution in building Vodafone's presence in emerging markets including India.

Reports say the Indian-born executive is likely to move into the private equity world.

"I feel that I have accomplished what I set out to achieve, particularly in developing and implementing a new strategy. I know that the business is in capable hands with Vittorio Colao. Having worked with him for many years I know that he has the experience and vision to take Vodafone on to future success," said Sarin.

During his 20-year career in the telecommunications industry Sarin has served as many executive positions.

He was chief executive officer of Vodafone US and Asia Pacific region until April 15, 2000, after which he became a non-executive director.