Bond to step down as Vodafone chairman

Sir John Bond is preparing to step down as Vodafone's chairman due to renewed shareholder unrest about the UK phone giant's strategy and acquisitions.

Investor criticism focused on Sir John after shareholders led by Ontario Teachers' Pension Plan - which has a 0.42 per cent stake in Vodafone - failed to remove him at Vodafone's annnual meeting in July.

Ontario Teachers' attack on Vodafone's "disastrous" acquisitions record and "strategic weaknesses" emphasises Sir John's successor will be put under pressure to improve relations with shareholders.

Sir John, former head of HSBC, joined Vodafone as chairman in 2006, but during the past year relations with investors deteriorated partly because of impatience over the company's minority stakes.

Vodafone owns a 45 per cent stake in US mobile operator Verizon Wireless, but has not received a dividend since 2005.

Read a full report at the Financial Times (registration required).
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