Arun Sarin, Vodafone’s CEO, has announced his resignation from the company. Mr. Sarin has been in charge of the British wireless communication company for the last five years.

The announcement comes at a time when Vodafone has reported record revenues. The man following Mr Sarin will be his second in command, Mr. Vittorio Colao.

During the five years spent as the group’s CEO, Arun Sarin has managed to more than double the number of subscribers from 120 millions in 2003 to 260 millions in 2008. Mr. Sarin has also led the company to expand its activities in new markets like India or Eastern Europe.

Even though he has managed to turn Vodafone in the world’s biggest player on the market, there have been times when his actions were not very well received by the shareholders. Two years ago, Mr. Sarin came close to being replaced after 10 percent of the Vodafone’s shareholders have voted against him being re-elected as the company’s CEO.

Arun Sarin stated that he leaves Vodafone because he feels he had accomplished everything he wanted to do, and that his job at the group is done. Vodafone has announced it made a net profit of $13.25 billion, while the company’s revenues increased from $61.58 billion last year to $70.2 billion. Last year the company reported a net loss of $10.47 billion.

Even though these figures could mean a bright future for Vodafone and its new CEO, Vittorio Colao, things might not work as well as planned. The EU Commission report on early termination fees, which will be filed soon, and the downturn in the economy of developing countries, could mean that Mr. Colao’s job at the wireless company will not be an easy one.