G4S chief exec steps down after series of setbacks

 
Suzie Neuwirth

SECURITY firm G4S today announced that its chief executive Nick Buckles will step down on 31 May, following a string of high-profile setbacks and a profit warning which dented investor confidence.

He will be replaced by Ashley Almanza, who joined G4S as CFO a few weeks ago.

Regional CFO for the UK, Ireland and Africa Stuart Curl has been appointed acting CFO until a permanent replacement is found.

G4S faced heavy criticism for its botched handling of the security at the Olympics last year.

“Nick Buckles made a massive contribution to the group over a 28 year career. As CEO he led G4S in the creation of significant shareholder value following the merger of Securicor and Group 4 Falck - building the world's leading security company,” said John Connolly, chairman of G4S.

“On behalf of the board and everyone at G4S, I thank Nick and wish him the very best of luck for the future.

“The board is extremely pleased to have attracted Ashley Almanza to the group. He brings a wealth of experience from working across international borders in complex businesses and we are confident he will provide strong strategic and operational leadership to the group.”