Vodafone chief executive resigns

Chief executive of Vodafone, Chris Gent is step down after 18 years of service with the world's largest mobile phone operator.

Gent has held the position for the last six years and led the firm through the telecom boom of the late 1990s and the subsequent sector slump.

Vodafone shares are currently trading about 60% below their 2000 peak.

Vodafone has 123 million customers worldwide, including 1.765m in Ireland, and has a market cap of more than £80bn (€113.67bn).

Gent is to formally resign his post at the company's AGM in London today, but will remain with the firm until year end to ensure a transition period for his successor, Arun Sarin.

Sarin (48) has been a member of the board since 1999. He resigned as chief executive of Vodafone's US and Asia Pacific operations three years ago but remained a non-executive director at the company.

In a separate announcement, Vodafone said that Luc Vandevelde, the chairman of Marks & Spencer, has accepted an invitation to join the board as a non-executive director.