Gent leaves Vodafone after years of building up firm

Sir Christopher Gent bowed out yesterday after six-and-a-half years as Vodafone chief executive to a generally positive reception from shareholders at the mobile operator's annual meeting.

He is widely credited with having built up Vodafone through a series of acquisitions, including that of US-based Airtouch in 1999 and its record-breaking hostile takeover the following year of Germany's Mannesmann.

But the departing chief executive has never been far from controversy over pay.

In 2000, widespread investor criticism forced him to climb down over a £10 million (€14 million) cash bonus following the Mannesmann deal. He later agreed to take half the bonus in Vodafone shares.

Some small shareholders yesterday raised further concerns over pay, attacking payouts to senior executives - including a base annual salary to Sir Christopher of almost £1.3 million - as excessive.

In the vote on remuneration, almost 18 per cent of investors registered their protest by either abstaining or voting against the remuneration report.

Others, however, had nothing but praise. "I don't care if they all drive Rolls-Royces," said one small shareholder.

"If they had paid cash for their acquisitions, they would probably be bust. We need to have trust in a board that has worked its butt off."

His voice cracking with emotion, Sir Christopher confessed: "This is a very special day for me and I'm experiencing very mixed emotions.

"To leave my executive colleagues and the wider Vodafone team will be the biggest wrench of all."

Lord MacLaurin, chairman, praised Sir Christopher's "unprecedented achievement" in creating "a first-class worldwide company in the space of four years" and announced that Sir Christopher would take up the unpaid honorary role of "life president".

Such appointments, though unusual, are not unique. Lord Weinstock, who died last year, was given the same title at GEC when he stepped down as managing director in 1996 after 33 years.

Vodafone also announced the appointment of Mr Luc Vandevelde, current chairman of Marks & Spencer, as a non-executive director.

He is likely to be paid £85,000 a year, in line with the company's other non-executives.