Thomas Geitner, head of “new businesses and innovation” is to follow Bill Morrow, the group’s respected European head, and leave Vodafone in December.

The exit of Herr Geitner came as Vodafone unveiled a U-turn, closing its “new businesses” unit only six months after it was launched. Analysts said that the changes suggested confusion in the group about its efforts to tackle slowing growth and cut costs by expanding into broadband and other services and restructuring management.

One key investor suggested the move undermined the efforts of Arun Sarin, Vodafone’s chief executive, who announced the group’s new structure in April.

However, the shares closed up by ¾p at 130¾p and Vodafone insisted that its strategy, which it said was progressing well, remains unchanged.

Closing the unit, Mr Sarin said, would deliver “even greater organisational clarity” in Vodafone.

The concern about Vodafone’s strategy came as it had seemed to be turning the corner after months of infighting and criticism over a sluggish share performance. Investors have been settled by the arrival of Sir John Bond, the banker, as chairman and the appointment of Vittorio Colao as new head of Europe.

Herr Geitner could exit Vodafone £6.2 million richer with a pension worth £115,800 a year when he eventually retires. He leaves with a year’s salary, which last year was £734,000, a shareholding worth £590,000 plus incentives worth up to £3.71 million. He also has 3.5 million exercisable options at 97p, worth nearly £1.2 million at yesterday’s share price and other options that could have value if Vodafone’s share price rises.

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