Vodafone CEO Sarin to Retire

Arun Sarin is retiring as CEO of Vodafone Group(VOD Quote) at the end of July, to be replaced CEO Deputy CEO Vittorio Colao.

The Britain-based telecommunications company, which owns a 50% stake in Verizon Wireless with Verizon Communications(VZ Quote), said the company mor than doubled its customer base in Sarin's five years at the helm to 260 million. That was accomplished through expansion into emerging markets such as Romania, the Czech Republic, Turkey and India.

The announcement was made in conjunction with the company posting a14.1% jump in second-quarter revenue to 35.48 billion British pounds and an 11% jump in adjusted earnings per share to 12.50 pence.

"Arun has done a tremendous job as chief executive," said Chairman Sir John Bond. "He has led the company with distinction and navigated Vodafone through a period of rapid change."

The company also said nonexecutive directors Michael Boskin and Jürgen Schrempp will not be seeking re-election to the company's board.

Vodafone shares were dipping 1.6% to $32.02 in premarket action Tuesday.