Vodafone Shares Rise On Sarin Resignation Rumor
Vodafone’s shares have risen, apparently on the back of a rumor that CEO Arun Sarin is about to resign. “Today’s rumour surrounds Arun Sarin and the belief that he is about to resign,” said Lee Humphreys, head of European sales trading at E*Trade Securities in London, in an e-mailed comment”, reports Thomson Dialog NewsEdge. Vodafone ( NYSE: VOD ) has denied the rumors, but admits that the market “would be favourable to such a move on the belief that it increases the likelihood of disposals, including Verizon ( NYSE: VZ ) Wireless”. Sarin has long felt pressure from certain investors who want Vodafone to sell off major assets and make a one-time dividend payment with the proceeds. A couple of Vodafone JVs, Verizon Wireless in the US and Vodacom in South Africa, are looking to advertising to raise revenue.
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