Such is the reputation that Mr Colao had built up as a Vodafone "safe pair of hands" and high flyer that when he was rehired by the mobile phone giant in October 2006 to be deputy chief executive, it immediately triggered speculation that Sir John Bond, the new chairman, had recruited him with a view to elbowing out Mr Sarin almost straightaway.

Mr Sarin's advisers had to assert that he personally had made the decision to hire Colao as his number two, a decision that was only approved by the chairman, not initiated by him.

His rehiring indicated how well he was regarded by Vodafone since he was placed in charge of Europe, the slowest growing and most problematic part of the Vodafone empire.

Colao's resignation in 2004, shortly after Mr Sarin took over at Vodafone from Sir Christopher Gent, was seen as a blow to Mr Sarin. Mr Sarin had blocked an acquisition of a Bulgarian mobile company that Mr Colao had been planning, and the move generated talk that Mr Colao felt let down by his new boss. Mr Colao left to become chief executive of Italian publisher RCS MediaGroup in Milan.

The Italian, 46, began his international career as an investment banker in London with Morgan Stanley. In the late 90s he worked in the nursery for future chief executives - the American management consultancy McKinsey & Co. He was a partner in the Milan office working on media, telecommunications and industrial goods.

He then became chief executive of Italian mobile company Omnitel Pronto Italia and, when Vodafone bought the company, he joined the mobile group where he was put on the main board and made chief of Southern Europe, Middle East and Africa.

Married in 1992, Mr Colao has two children and is a reserve officer in the Italian Carabinieri Army.

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