When Arun Sarin was appointed chief executive of Vodafone critics dismissed him as a nondescript bean counter - Sarin having joined Vodafone in 1999 when it bought AirTouch, the US business where he was chief operating director.

But during his five-year reign, the diminutive Sarin has got to grips with one of the most important and testing jobs in UK business. Having inherited a collection of disparate assets, he has bought well-needed focus to the telecoms goliath.

His strategy to invest heavily in emerging markets nearly cost him his job two years ago when he came under attack from top institutional investors who voted against his re-election to the board. They accused him of being too quick to spend millions of pounds on foreign acquisitions and worried about growth.

But the foray into India, where he was born, and other developing markets has helped drive profits.