During his tenure, Sarin, 53, accumulated 28.5 million shares and share options which he has yet to collect. He also has 14.5 million shares and share options which he has not yet cashed, according to the company's annual report and accounts published on Tuesday.

After he steps down at the annual meeting, he will remain as a consultant on a "nominal" salary until his retirement next March. Assuming the company continues to perform over that period, when he leaves, his shares and options will be worth just over 22 million.

During his final year as chief executive, Sarin picked up 3,595,000 pounds in salary and bonus, taking his total earnings to more than 25 million pounds, The Guardian reported today.

The report said that in the past, Sarin had been allowed to re-invest his annual bonus, which was 2.13 million pounds for the year to the end of March 2008, but because he is leaving the company he will collect it in cash. Sarin will be replaced by Vittorio Colao, who joined Vodafone in 2000.

Colao will be paid a 975,000 pounds salary, compared with the 1.3 million pounds Sarin received for the year till the end of March 2008, according to the group's annual report and accounts published on Tuesday.

Sarin reportedly plans to spend the summer "on sabbatical" and travelling, and intends to return to the US for his next job.

Arun Sarin: UK's most powerful businessman