Vodafone Group's chief executive Arun Sarin, saying he has achieved what he set out to do when he took the position five years ago, is retiring to be replaced by deputy chief executive Vittorio Colao.
Sarin, 53, announced the departure on the day the mobile-phone service provider reported a record of $13.2illion pour.
The executive has helped to expand the company's businesses into emerging markets. Last year Vodafone bought Indian phone operator a majority stake in Hutchison Essar for 52 percent. Vodafone has 260 million customers, up from 120 million, when he first became CEO, the company said.
I feel that I have accomplished what I set out to achieve, particularly in developing and implementing a new strategy, Sarin said in a statement.
Colao, 46, had been the chief executive of Europe and deputy chief executive since 2006. Prior to that he was the head of RCS MediGroup in Milan, Italy.