The Week: City News - CEO Sarin leaves Vodafone

Arun Sarin, the Vodafone chief executive, is to retire from his post in July and will be replaced by his deputy, Vittorio Colao.

The news was announced as Vodafone reported annual pre-tax profits up 2 per cent to £8.9 billion. The company reported good performance in emerging markets, especially in India, where revenue jumped by 50 per cent. However, it said conditions in Europe remain "challenging".