Sarin leaving telco 'in good hands'

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Mr Colao, 46, will take over the reins at the end of July when Mr Sarin steps down after five years at the helm.

Vodafone's outgoing boss admitted he was retiring from the role as the group faced a challenging market amid global economic uncertainty, but said he was handing over a "resilient" business.

Vodafone posted a 10.2% rise in annual underlying earnings, while revenues increase 4.2% on an organic basis to £35.49 billion in the year to March 31, and adjusted operating profits rose 5.7% to £10.1 billion.

Underlying pre-tax profits lifted 2% to £8.93 billion, according to the group.

Vodafone said it was expecting another robust year despite the tough trading conditions, pencilling in group revenues of between £39.8 billion to £40.7 billion and adjusted operating profits of between £11 billion to £11.5 billion.

Analysts at Citi said in a note that Mr Colao had been the consensus choice of successor and added that he was held in "high regard".

Tributes also flowed in for Mr Sarin, with Vodafone chairman Sir John Bond praising the "tremendous" job he has done during his tenure.

He said: "He has led the company with distinction and navigated Vodafone through a period of rapid change."

Indian-born Mr Sarin, 53, joined Vodafone's board in 1999 and became chief executive in July 2003. He went through a rocky patch two years ago, when nearly 15% of Vodafone shareholders failed to support his re-election as chief executive. But the company has since outperformed City profit forecasts and enjoyed big revenue growth in fast-growing markets such as India and Turkey.