Vodafone Names New CEO

Sir Chris Gent to step down in July 2003 and be replaced by current non-executive director, Arun Sarin

December 18, 2002

2 Min Read

NEWBURY, U.K. -- Lord MacLaurin, Chairman of Vodafone Group Plc (“Vodafone”), announces today that Arun Sarin has been selected to succeed Sir Christopher Gent immediately following the Annual General Meeting on 30 July 2003. No changes are expected in the other executive Director responsibilities. Arun Sarin (48) is presently Chief Executive of Accel-KKR Telecom based in San Francisco. He is also currently a non executive Director of Vodafone, Charles Schwab Corp, Cisco Systems and Gap Inc, although he will step down from most of these Boards in due course, to devote his time to Vodafone. He was formerly President and Chief Operating Officer of AirTouch Communications until 1999 and he then became Chief Executive of the Americas and Asia Region of Vodafone until 2000, when Vodafone’s US based mobile businesses were merged with others to form Verizon Wireless. Arun Sarin, who will relocate to the UK, will join the Executive Committee of Vodafone on 1 April 2003 as Chief Executive Designate. Arun Sarin has been appointed with remuneration in accordance with the Company’s Remuneration Policy which was approved by Shareholders at the Annual General Meeting in July 2002. The package has a base salary of £1.1 million and incentives which have the same structure and quantum as those currently applying to Sir Christopher Gent, details of which are published in the 2002 Annual Report. In addition, the company will reimburse Arun Sarin’s relocation expenses. Earlier this year Sir Christopher Gent expressed his wish to retire in the latter half of 2003. Sir Christopher was Managing Director of the UK operating company from its launch in 1985 and became Chief Executive of the Group on 1 January 1997. At that time Vodafone’s market capitalisation was £7.5 billion (equivalent share price: 49.3p) and he has led the growth and development of the Company which is today valued at over £75 billion. Lord MacLaurin said: “This appointment is part of a carefully orchestrated succession plan which I have put in place at Vodafone. Chris has contributed a huge amount of time and energy to the Company and it is a testament to his achievements that Vodafone is now positioned as the global leader in mobile telecommunications. Chris will continue to lead Vodafone until July next year. "I am delighted that Arun Sarin has made the commitment to take the Group forward to the next phase of growth, and that we have identified an individual with the ability, stature and knowledge of Vodafone which make him the ideal person for this role.”Vodafone Group plc

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