New G4S boss tells investors he will repair its damaged reputation

City A.M. Reporter
THE new chief executive of security group G4S said yesterday he will cut costs and push deeper into fast growing developing markets as he battles to restore the company’s image after a high profile staffing blunder at the 2012 Olympics.

Ashley Almanza addressed G4S’s annual shareholder meeting after a roller-coaster start to life at the company, becoming chief executive six days ago having only joined as chief financial officer last month.

“One of my principal objectives is to try and put the Olympics and some of the setbacks behind us,” Almanza said, referring to G4S’s failure to provide 10,400 staff for the London Games, a debacle which cost the firm £88m.

“There is no question that our reputation has suffered on the back of the Olympics particularly.”

He also backed G4S’s push into emerging markets where it wants to grow revenue from a third to half of its total by 2019, saying the strategy was “absolutely right”

All of the resolutions proposed at the meeting passed, though a sizeable 21.58 per cent of shareholders voted to oppose the directors’ remuneration package.