Vodafone: Its former CEO was paid £500,000 to relocate back to the USA when he left the firm

[FT] Arun Sarin, Vodafone’s former chief executive, was paid a £500,000 ($828,000) relocation fee by the mobile phone operator in order to move back to the US after leaving the company.

Vodafone’s annual report, published on Tuesday, disclosed the £500,000 fee, which was agreed with Mr Sarin when he became chief executive in 2003.

The report also disclosed that Mr Sarin secured a £8.1m pay package with Vodafone in the year to March 31. He stepped down as chief executive last July.

Vodafone declined to explain what was included in the relocation fee, but said that Vittorio Colao, Mr Sarin’s Italian successor, would not enjoy a similar arrangement.

Vodafone paid Sarin £500,000 to return to US