SECURITY CONTRCTOR G4S has recruited Himanshu Raja, the chief financial officer of Mysys, as the company seeks to strengthen its balance sheet and add to the financial experience of its management team.
The appointment comes as new chief executive Ashley Almanza, himself one of the UK's most experienced finance directors, announced plans to overhaul the business following the company's blighted security contract at last year's Olympics.
In its half-year results, Almanza, who briefly served as G4S' finance chief before taking over from Nick Buckles as chief executive, said the company needs to strengthen its balance sheet to "realise the group's opportunity for substantial value creation".
The company intends to raise funds via a 9.99% placing of new ordinary shares and the disposal of non-core assets, including the sale of Canadian Cash solutions business and Colombia Data solutions for proceeds of around £100m.
Raja will join G4S on 7 October after quitting as CFO of software company Mysys after only six months in the role. He previously held a number of senior roles at BT Group before becoming CFO at Logica in 2011.
Commenting on the appointment, Almanza said: "The realisation of the company's potential will require strategic focus and improved execution and we will benefit from Himanshu's considerable experience of successfully leading global finance organisations and driving improvements in financial performance and control"
G4S share were down 0.5p to 244.8p in morning trading.
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.