Olympics debacle sees G4S’ Nick Buckles make exit
Buckles, who admitted that the company’s reputation was left in “tatters” after it failed to provide enough security staff for the games, will be replaced by newly-appointed finance director and former BG Group executive Ashley Almanza.
The group also said the new role of chief operating officer – created following a review into the Olympics fiasco – will be filled by Eddie Aston, head of global sectors at DHL.
Cantor Fitzgerald analyst Caroline de La Soujeole said Buckles’ departure was “inevitable” given the Olympics debacle, an abandoned £5 billion bid for Danish cleaning services group ISS in 2011 and an unscheduled trading update earlier this month, in which the group warned profits for 2013 would be up to £45m lower than the £457m that the City had been expecting.
She added: “We are surprised that both the chief executive and chief operating officer positions have been awarded to non-G4S people.”
Buckles will walk away with his contractual entitlement to a year’s salary of £830,000 and a pension allowance of £332,000.
Chairman John Connolly said: “As chief executive, he led G4S in the creation of significant shareholder value following the merger of Securicor and Group 4 Falck.”
G4S is the largest employer on the London Stock Exchange with more than 620,000 staff worldwide.