Vodafone chief executive Chris Gent is to retire next year and will be succeeded by US telecoms executive Arun Sarin, a statement from the company said this morning.
Sarin, 48, is currently chief executive of Accel-KKR Telecom, which is based in San Francisco. He will take over after Vodafone's AGM on July 30. Sarin was already a non-executive director of Vodafone.
He will receive the same pay package as Gent, with a base salary of £1.1m plus incentives. Vodafone will also cover his relocation expenses.
Gent has been chief executive of Vodafone since 1997. This morning's statement said he had expressed his wish to retire in the second half of next year.
Vodafone shares closed over 2% lower in London today.
