G4S stock jumps as boss Nick Buckles steps down

(Pictured: Nick Buckles, Source: Reuters)

*Shares jump by three per cent

Security firm G4S has announced that its CEO Nick Buckles will step down on 31 May to be succeeded by Ashley Almanza on 1 June (release). Traders welcomed the news, as stocks rose by three per cent as markets opened. Almanza joined the firm as CFO just three weeks ago.

Commenting on the changes John Connolly, chairman of G4S, said:

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

Ashley Almanza added:

G4S is a great global business with enormous long term potential and I am looking forward to working with a highly experienced and capable management team as we take the business forward.