Asim Ghosh, Vodafone Essar chief executive would leave his post on March 31 after serving the company for over 10 years. However, he would serve in the Vodafone Essar's board as a non-executive member.

Marten Pieters, director on the board of Luxembourg-based Millicom International Cellular, will be appointed as new CEO of Vodafone Essar. He served as CEO of Celtel International BV, the second largest telecom operator of Africa, from August 2003 to January 2007.

Mr. Ghosh, in a statement, said, "We started on a ride in Mumbai in 1998. We never realised then what a roller coaster it would be. Over 10 years later today, serving tens of millions of subscribers, with a fabulous team, a great brand, a company with a great future, it's been a ride I wouldn't exchange for anything else!"

Mr. Ghosh wished to spend time with his sons in Europe during the post retirement period. He witnessed growth of company from single-circle operations under the Max Touch brand in Mumbai to its presence in 21 out of 22 telecom circles.

The company became third largest telecom operator of country after Bharti Airtel and RCom during his tenure from August 1998. Mr. Ghosh was also instrumental in buy out of 67 per cent stakes in Hutchison Telecommunications, the largest ever FDI infusion till date at over $11 billion.

Ravi Ruia, Chairman of Essar group, said: "I would like to personally thank him for his contribution to the business and will be counting on his continued guidance to the company as a member of the board."