Arun Sarin, the man who has been credited for making Vodafone one of the largest mobile phone companies in the world, is to step down after spending five years as the CEO of the company.
He will be replaced by Vittoriao Colao, head of Vodafone Europe and former CEO of Omnitel which was purchased by Vodafone a few years ago.
Sarin leaves the company as it continues to enjoy strong growth in emerging markets such as South Africa, Asia and the middle East, which accounted for a sizeable chunk of the £10.1 billion profit that the company has announced.
Vodafone has more than 260m mobile customers, up 26 percent with more than 44m in India alone.
The move has been greeted with mixed feelings by London Stock Exchange as news of Sarin's Departure first prompted a jump in the stock prices followed by a slow decline over the past hours.