Nick Buckles pockets £16m as he finally quits G4S

 

Nick Buckles today unexpectedly quit as boss of FTSE 100 security giant G4S after having survived a string of corporate embarrassments including last year's Olympic security fiasco and a failed £5.2 billion takeover.

Buckles will leave the company where he has worked for almost three decades in 10 days, ahead of the AGM. He will depart with a pension and shares worth more than £16 million.

The 52-year-old will be replaced by Ashley Almanza, who as the security giant's current finance director has seen one of the corporate world's fastest promotions. The former BG Group finance boss has been working at G4S for less than three weeks.

G4S claimed that its search for a new finance boss had involved seeking "candidates with the experience and capabilities which would enable them to take on the chief executive role as part of the group's succession planning". Almanza might not have expected that to happen after just 20 days.

The timing of Buckles' departure surprised the City after major shareholders including Neil Woodford, investment manager at Invesco Perpetual, had repeatedly backed him. Buckles, pictured, joined G4S in 1985 and became chief executive in 2005, expanding the company into an international giant with 620,000 staff. However a profits warning earlier this month, which sent shares falling by nearly 15 per cent, may have been one piece of bad news too many. It followed Buckles' decision in late 2011 to launch a surprise £5.2 billion takeover of Danish cleaning firm ISS, which was thwarted after shareholders refused to swallow a £2 billion rights issue to pay for it. The failed deal saw G4S pay £50 million in fees, and chairman Alf Duch-Pedersen depart.

But Buckles kept his job, as he did throughout last summer's embarrassing security debacle at the Olympics, when two senior bosses left the firm after G4S admitted weeks before the opening ceremony that it had not hired enough security guards. The army was forced to step in and G4S was left with £88 million costs, sending its pre-tax profits down by a third to £175?million last year.

Buckles faced a grilling from MPs in Parliament, when he admitted presiding over a "humiliating shambles".

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SThree: HR Benefits Manager

£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...

Recruitment Genius: Office Manager / Financial Services

£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...

Jemma Gent: Year End Accountant

£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...

Jemma Gent: Management Accountant

£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...

Day In a Page

HIV pill: Scientists hail discovery of 'game-changer' that cuts the risk of infection among gay men by 86%

Scientists hail daily pill that protects against HIV infection

Breakthrough in battle against global scourge – but will the NHS pay for it?
How we must adjust our lifestyles to nature: Welcome to the 'Anthropocene', the human epoch

Time to play God

Welcome to the 'Anthropocene', the human epoch where we may need to redefine nature itself
MacGyver returns, but with a difference: Handyman hero of classic 1980s TV series to be recast as a woman

MacGyver returns, but with a difference

Handyman hero of classic 1980s TV series to be recast as a woman
Tunnel renaissance: Why cities are hiding roads down in the ground

Tunnel renaissance

Why cities are hiding roads underground
'Backstreet Boys - Show 'Em What You're Made Of': An affectionate look at five middle-aged men

Boys to men

The Backstreet Boys might be middle-aged, married and have dodgy knees, but a heartfelt documentary reveals they’re not going gently into pop’s good night
Crufts 2015: Should foreign dogs be allowed to compete?

Crufts 2015

Should foreign dogs be allowed to compete?
10 best projectors

How to make your home cinema more cinematic: 10 best projectors

Want to recreate the big-screen experience in your sitting room? IndyBest sizes up gadgets to form your film-watching
Manchester City 1 Barcelona 2 player ratings: Luis Suarez? Lionel Messi? Joe Hart? Who was the star man?

Manchester City vs Barcelona player ratings

Luis Suarez? Lionel Messi? Joe Hart? Who was the star man at the Etihad?
Arsenal vs Monaco: Monaco - the making of Gunners' manager Arsene Wenger

Monaco: the making of Wenger

Jack Pitt-Brooke speaks to former players and learns the Frenchman’s man-management has always been one of his best skills
Cricket World Cup 2015: Chris Gayle - the West Indies' enigma lives up to his reputation

Chris Gayle: The West Indies' enigma

Some said the game's eternal rebel was washed up. As ever, he proved he writes the scripts by producing a blistering World Cup innings
In Ukraine a dark world of hybrid warfare and murky loyalties prevails

In Ukraine a dark world of hybrid warfare

This war in the shadows has been going on since the fall of Mr Yanukovych
'Birdman' and 'Bullets Over Broadway': Homage or plagiarism?

Homage or plagiarism?

'Birdman' shares much DNA with Woody Allen's 'Bullets Over Broadway'
Broadchurch ends as damp squib not even David Tennant can revive

A damp squib not even David Tennant can revive

Broadchurch, Series 2 finale, review
A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower: inside the mansion of Germany's 'Bishop of Bling'

Inside the mansion of Germany's 'Bishop of Bling'

A Koi carp breeding pond, wall-mounted iPads and a bathroom with a 'wellness' shower