Voda dogged by reports of shareholder revolt

Not happy

Vodafone chief exec Arun Sarin is facing a challenge from some of the firm's biggest institutional shareholders who are concerned about boardroom splits at the top of the giant cellco.

The Sunday Times reports that the shareholders plan to lobby other investors to back an "owners revolt" that could unseat Sarin and three or four other execs when they come up for re-election at the firm's annual meeting next month.

It seems that some shareholders have lost confidence in top execs and believe a clear out is needed.

News of the revolt comes just days after Vodafone announced plans to shake-up the business and hand £9bn back to shareholders.

Earlier this year Voda was dogged by reports of boardroom rifts and bust-ups. In the end, Sir Christopher Gent - the man who took Vodafone from a £7.5bn business to one valued at more than £75bn - quit his role as life president of Vodafone.

Reports alleged that "the old guard" at Vodafone were trying to force out Sarin although this was denied. ®

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