August 27, 2013 / 8:58 PM / 4 years ago

UPDATE 1-G4S names Misys's Raja as new CFO

LONDON, Aug 27 (Reuters) - G4S, the world’s biggest security firm, has appointed Misys’s Himanshu Raja as its new chief financial officer to help drive “improved execution”, the company said on Tuesday, after a series of damaging blunders.

The British firm, which reports its interim results on Wednesday, has endured a torrid near two years, including an abandoned takeover of Danish cleaning firm ISS, a botched contract to staff the 2012 Olympics and a profit warning in May.

In July, Britain also barred G4S, for now, from new work after an audit found it had overcharged for the electronic tagging of criminals.

It had been looking for a new finance boss since Ashley Almanza replaced Nick Buckles as chief executive in June, just weeks after joining the firm as CFO.

“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,” Almanza said.

Raja will join G4S on Oct. 7, the company said.

He only joined financial software provider Misys as CFO in February and has held finance roles at Logica and BT Group.

Misys was not available for comment.

Alongside G4S’s first-half results, Almanza is expected to outline his strategy for improving the company’s finances and reputation.

Almanza is expected to give some details on his strategy for growth, cost savings, and disposals that could help reduce debts of 1.8 billion pounds ($2.80 billion). Analysts have said a rights issue is also an option.

G4S is not expected to give full details of Almanza’s action plan until October or November, a source familiar with the situation told Reuters last week.

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