UK's private security firm G4S Plc (GFS.L, GFSZY.PK) Tuesday announced that Nick Buckles is stepping down as CEO and retiring from the company and as a director on May 31. It has appointed CFO Ashley Almanza to succeed Buckles as CEO, effective June 1. G4S also named Eddie Aston as its Chief Operating Officer or COO, a newly created role.
Almanza joined G4S as CFO on May 1. The board appointed Almanza to the CEO role, following a process which considered both internal and external candidates. Buckles was appointed Group Chief Executive of G4S in July 2005.
John Connolly, chairman of G4S, said, "The board is extremely pleased to have attracted Ashley Almanza to the group. He brings a wealth of experience..."
Prior to joining G4S, Almanza held a number of senior executive roles at oil and gas explorer BG Group Plc (BRGYY.PK, BG.L), including Chief Financial Officer and Executive Vice President. As Executive Vice President, he was accountable, during 2009 and 2010, for the strategic and operational management of BG Group's UK, European and Central Asian businesses.
Almanza is currently a non-executive director of Schroders Plc and Noble Corp., and a member of the Advisory Board of Oxford University Centre for Business Taxation.
Stuart Curl, the group's regional CFO for the UK, Ireland and Africa, has been appointed acting CFO, whilst search for a new CFO is conducted.
G4S also said Eddie Aston will take up the new role of Chief Operating Officer or COO and will join the group on July 8. The company has created this new senior role as part of its actions following the board review of the Olympic contract last year.
Aston joins the group from DHL where he is currently CEO - Global Sectors. Over the last thirteen years Aston has held senior executive roles with Deutsche Post DHL, including CEO of Global Sectors.
G4S had reported a sharp decline in full-year 2012 profit, reflecting mainly a loss related to the Olympic games security contract. For the year, the company recorded Olympic games contract loss of 70 million pounds and related costs of 18 million pounds, resulting in exceptional loss of 88 million pounds. The firm had been heavily criticized for its weak handling of the security contract.
GFS.L is currently trading at 248.50 pence, down 1 percent, on a volume of 5.59 million shares.
For comments and feedback: editorial@rttnews.com