![\"G4S\"](\"https:\/\/www.turkishnews.com\/en\/content\/wp-content\/uploads\/2013\/05\/G4S.jpg\")
British outsourcing group G4S says its Chief Executive Nick Buckles will step down after a string of high-profile setbacks and a profit warning that damaged investor confidence.<\/p>\nBritish outsourcing group G4S says its Chief Executive Nick Buckles will step down after a string of high-profile setbacks and a profit warning that damaged investor confidence.<\/p>\n
According to Sky News, Buckles, who oversaw a staffing fiasco at the\u00a0London\u00a0Olympics\u00a0last year as well as a failed $8bn takeover of\u00a0Danish cleaning firm ISS during his eight-year tenure, will step down at the end of May.<\/p>\n
Ashley Almanza, who joined the firm as Chief Financial Officer in March from oil and gas firm BG Group, will take over.<\/p>\n
Under Buckles’ guidance the company’s share price soared as the world’s biggest security firm expanded into some 125 countries.<\/p>\n
But his tenure is likely to be remembered for a succession of incidents that have blighted the group in the past 18 months.<\/p>\n
Buckles’ decision in late 2011 to launch a surprise \u00a35.2bn takeover of ISS hit investor confidence severely.<\/p>\n
It was eventually abandoned.<\/p>\n
Last year, G4S failed to provide sufficient security guard numbers for the London Olympics, prompting the army to step in.<\/p>\n
Analysts speculated on Buckles’ possible exit earlier in May when the firm warned that 2013 profits would be lower than expected due to a shake-up of the prison system in the Netherlands and problem clients in Africa, sending the shares down 14 percent.<\/p>\n
The Ministry of Justice is also now investigating whether it\u00a0was overcharged by G4S and rival outsourcing firm Serco on its contract to monitor offenders released from prison.<\/p>\n
G4S’s Olympics failure saw Mr Buckles hauled before MPs, during which he admitted it was a “humiliating shambles for the company”.<\/p>\n
Extra military personnel had to be called in to fill the gap left by G4S’s failure to supply enough staff for the \u00a3284m contract.<\/p>\n
Chief Operating Officer David Taylor-Smith and Ian Horseman Sewell, who was head of global events, carried the can for the fiasco, but Mr Buckles stayed in\u00a0his post.<\/p>\n
However, pressure has intensified on Mr Buckles in recent weeks, after a poor trading update caused shares to slump by more than 13% in one day.<\/p>\n
G4S disappointed investors by revealing that weak European markets and pricing pressure on its cash transportation arm in the UK and Ireland had squeezed margins.<\/p>\n
Mr Buckles will walk away with his contractual entitlement to a year’s salary of \u00a3830,000 and a pension allowance of \u00a3332,000.<\/p>\n
G4S is the largest employer on the London Stock Exchange with more than 620,000 staff worldwide.<\/p>\n
Chairman John Connolly said: “Nick Buckles made a massive contribution to the group over a 28-year career.<\/p>\n
“As chief executive he led G4S in the creation of significant shareholder value following the merger of Securicor and Group 4 Falck – building the world’s\u00a0leading security company.”<\/p>\n
Mr Buckles was appointed Chief Executive of Securicor in 2002 before taking the top role in the newly created G4S business.<\/p>\n
Shares rose 3% following the announcement.<\/p>\n","protected":false},"excerpt":{"rendered":"
British outsourcing group G4S says its Chief Executive Nick Buckles will step down after a string of high-profile setbacks and a profit warning that damaged investor confidence. According to Sky News, Buckles, who oversaw a staffing fiasco at the\u00a0London\u00a0Olympics\u00a0last year as well as a failed $8bn takeover of\u00a0Danish cleaning firm ISS during his eight-year tenure, […]<\/p>\n","protected":false},"author":83,"featured_media":70458,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[89],"tags":[8738,9173,9172],"class_list":["post-70457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-turkey","tag-g4s","tag-london-olympics","tag-nick-buckles"],"_links":{"self":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/posts\/70457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/users\/83"}],"replies":[{"embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/comments?post=70457"}],"version-history":[{"count":0,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/posts\/70457\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/media\/70458"}],"wp:attachment":[{"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/media?parent=70457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/categories?post=70457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.turkishnews.com\/en\/content\/wp-json\/wp\/v2\/tags?post=70457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}