Vodafone group president resigns

LONDON – British telecoms giant Vodafone led London’s FTSE 100 index of leading shares yesterday after chief executive Arun Sarin appeared to have stamped his authority on the embattled telecoms group, dealers here said.

On Sunday Sarin’s predecessor, Christopher Gent, resigned as Vodafone’s honorary president following reports of a rift among the management of the world’s biggest mobile phone group. Vodafone saw its share price jump 3,41 per cent to 129 pence in early trading, and the FTSE was up 0,52 per cent at 5 938,90 points, the best level since the summer of 2001.Gent resigned after British Sunday newspaper The Observer reported that he may be forced to leave after Vodafone’s chairman Ian MacLaurin had tried to oust Sarin.The newspaper said MacLaurin had sought Sarin’s ouster after meeting key shareholders who had lost confidence in his management of the company, but after discussions with other board members realised he could not win a vote on his dismissal.But MacLaurin denied Sunday reports of a rift, saying he fully supports Sarin.”I want to make it clear that I and the board are totally supportive of our chief executive Arun Sarin, as he takes the company forward in changing and challenging times,” he said Sunday.”Any other suggestion is completely untrue.”Gent, who built Vodafone into a global mobile phone player through a string of foreign acquisitions, was said to have turned against Sarin, who recently bowed to shareholder pressure to sell Vodafone’s underperforming business.The boardroom had become divided over recent months after a string of grim trading news and investor disquiet over a poor share price performance turned the spotlight on Sarin’s leadership.Shareholders have become increasingly vocal in their opposition to Sarin, with many calling for the sale of its Japanese business and its 45-per cent stake in US operator Verizon Wireless, both of which were legacies of the Gent era.Vodafone last week confirmed that it is in talks to sell its Japanese subsidiary to Internet and telecoms group Softbank.US private equity firms are meanwhile set to counter the bid by Japan’s Softbank, weekend reports said.A newspaper in London meanwhile said Sunday that Verizon has made an informal approach to buy Vodafone’s stake in Verizon Wireless worth about US$40 billion.With Gent out of the way, MacLaurin due to step down in July and marketing director Peter Bamford – another member of the ‘old guard’ – dismissed last week, analysts said Sarin has re-asserted his control over the company.”This draws a line under the boardroom disagreements for the time being,” said analyst Robert Grindle.- Nampa-AFPVodafone saw its share price jump 3,41 per cent to 129 pence in early trading, and the FTSE was up 0,52 per cent at 5 938,90 points, the best level since the summer of 2001.Gent resigned after British Sunday newspaper The Observer reported that he may be forced to leave after Vodafone’s chairman Ian MacLaurin had tried to oust Sarin.The newspaper said MacLaurin had sought Sarin’s ouster after meeting key shareholders who had lost confidence in his management of the company, but after discussions with other board members realised he could not win a vote on his dismissal.But MacLaurin denied Sunday reports of a rift, saying he fully supports Sarin.”I want to make it clear that I and the board are totally supportive of our chief executive Arun Sarin, as he takes the company forward in changing and challenging times,” he said Sunday.”Any other suggestion is completely untrue.”Gent, who built Vodafone into a global mobile phone player through a string of foreign acquisitions, was said to have turned against Sarin, who recently bowed to shareholder pressure to sell Vodafone’s underperforming business.The boardroom had become divided over recent months after a string of grim trading news and investor disquiet over a poor share price performance turned the spotlight on Sarin’s leadership.Shareholders have become increasingly vocal in their opposition to Sarin, with many calling for the sale of its Japanese business and its 45-per cent stake in US operator Verizon Wireless, both of which were legacies of the Gent era.Vodafone last week confirmed that it is in talks to sell its Japanese subsidiary to Internet and telecoms group Softbank.US private equity firms are meanwhile set to counter the bid by Japan’s Softbank, weekend reports said.A newspaper in London meanwhile said Sunday that Verizon has made an informal approach to buy Vodafone’s stake in Verizon Wireless worth about US$40 billion.With Gent out of the way, MacLaurin due to step down in July and marketing director Peter Bamford – another member of the ‘old guard’ – dismissed last week, analysts said Sarin has re-asserted his control over the company.”This draws a line under the boardroom disagreements for the time being,” said analyst Robert Grindle.- Nampa-AFP