Vodafone 1998 Annual Report Download - page 6

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Annual Report and Accounts 1998 - Company Review - Retirement of Sir Ernest Harrison and Sir Gerald Whent
Sir Ernest Harrison OBE
Chairman
Sir Gerald Whent CBE
Deputy Chairman
The Company announced in January 1998 that Sir Ernest Harrison had
decided to retire as Chairman and as a Director of the Company after the
Annual General Meeting on 21 July 1998. In 1983 Vodafone was formed as a
subsidiary of Racal Electronics. As Chairman and Chief Executive of the parent
company, Sir Ernest ensured that the development of the Vodafone network
was given the highest priority in terms of both financial and human resources.
He has been the Chairman of Vodafone Group since October 1988 when he
led its flotation on the London and New York Stock Exchanges with a value of
£1.7 billion. It was his initiative to demerge Vodafone from the Racal Group in
September 1991 in order to create increased shareholder value. As he retires
from the Board, the Company's Stock Market capitalisation is over £21 billion
and it is firmly established as one of the top twenty UK listed Companies.
More recently, the Company announced that Sir Gerald Whent, a non-
executive director and Deputy Chairman of the Company, was also retiring at
the Annual General Meeting. Sir Gerald was the Chief Executive of the
Company from the time of flotation until 31 December 1996, when he took up
his present role. It was at Sir Gerald's instigation that Racal applied for the UK
cellular network licence in 1983 and, under his leadership, Vodafone became,
and has retained the position of, market leader in the UK mobile
telecommunications market. He also initiated the Company's bids for licences
overseas, creating a valuable portfolio of businesses which now contribute
significantly to profits. The Group now serves over 6 million customers,
proportionate to its equity stakes, in twelve different countries and is a world
leader in mobile telecommunications.
In recognition of the outstanding contributions made by Sir Ernest and Sir
Gerald to Vodafone Group Plc, the Board has invited them, upon their
retirements, to become honorary Life Presidents of the Company.Their
achievements are wholly deserving of this lasting recognition which will enable
them to remain associated with the Group that they did so much to create. The
Board is delighted that Sir Ernest and Sir Gerald have accepted its invitation
and is confident that shareholders will welcome these honours for the Group's
founders.
http://www.vodafone.com/download/investor/reports/annual98/companyreview/retire.html29/03/2007 23:05:16