G4S Lose Yet Another CEO - Instant Replacement is Postal Expert

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25 October 2013 | Updated 01 January 1970

Richard Morris, G4S Regional CEO UK & Ireland handed in his resignation with immediate effect. The national press are citing the investigation by the Serious Fraud Squad in to over-charging on Government contracts (see ThisWeekinFM www.) as possibly being instrumental in Morris’ departure but it is far more likely that he had been sidelined in the run-up to a fireworks’ day briefing with investors with a focus on G4S’ core cash in transit operation.

G4S has ‘previous form’ when it comes to senior figures moving on when the company has come under the spotlight for public failings. Ashley Almanza, Group Chief Executive Officer took his role from Nick Buckles when he fell on his sword following the Olympics ‘not enough security guards’ scandal – a scandal that has impacted greatly on G4S’ ‘special relationship’ with Governments past and present. Morris’ forerunner, David Taylor-Smith, went at more or less the same time.

Almanza took his the job just one month after having joined as CFO. G4S move quickly. Indeed, any reference to Morris has been removed from the company website.  One would be led to believe Eddie Aston, who joined G4S in July 2013 as Group Chief Operating Officer had been in his new role for more than 12 hours.

Aston held senior executive roles with Deutsche Post DHL, most recently as CEO Global Sectors. Aston’s appointment will fuel rumours that G4S is eyeing the post market jealously. And will heighten expectations that a different model for G4S cash handling operation or its complete sell off will be influenced by a de-regulated post market.

A substantial shareholder in G4S, Cevian Capital, has been pushing to sell the ‘security van cash for banks and retailers’ operation, which accounts for 25% of profits. The business employs 6,000 personnel.

Article written by Brian Shillibeer | Published 25 October 2013

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