G4S frontman Nick Buckles steps down - UPDATE

After just three weeks on the job, G4S Chief Financial Officer (CFO) Ashley Almanza has already been promoted to the Chief Executive Officer (CEO) position, replacing Nick Buckles who announced his decision to retire on Tuesday.

After just three weeks on the job, G4S Chief Financial Officer (CFO) Ashley Almanza has already been promoted to the Chief Executive Officer (CEO) position, replacing Nick Buckles who announced his decision to retire on Tuesday.

The security firm's reputation has been under pressure over the past year since the company admitted that it did not have enough resources to deliver on its Olympics security contract last summer.

Advertisement - Article continues below

Buckles has been working for the company for 28 years and has made a "massive contribution", according to Chairman John Connolly. Buckles will step down at the end of the month.

"As CEO [Buckles] 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."

Analysts at Jefferies said that while Almanza's promotion was not particularly surprising, it happened much quicker than expected - "we thought a year might pass before an orderly transition was unveiled".

"We suspect the accelerated timeline may have been driven by shareholder reaction to the recent disappointing profit warning," the broker said.

Following the announcement, the stock was up 1.79% at 255.5p in early trading on Tuesday.

Connolly said that Almanza brings a "wealth of experience" to the G4S board "and we are confident he will provide strong strategic and operational leadership to the group".

Almanza said: "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."

The company is looking for a new CFO but has appointed regional UK CFO Stuart Curl as the interim officer until the end of the search.

Meanwhile, following the board review of the Olympics contract, the firm has created a new senior role of Chief Operating Officer and will appoint former DHL exec Eddie Aston to this position in July.

"These senior management changes, together with the recently announced new board appointments, will position the company strongly as we pursue our strategic goals," Connolly added.



Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular


The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020

House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020

This chart pattern could be extraordinarily bullish for gold

The mother of all patterns is developing in the gold charts, says Dominic Frisby. And if everything plays out well, gold could hit a price that invest…
1 Jul 2020