Duch-Pedersen will remain as chairman until a suitable successor has been appointed. The process to find a replacement for him is now underway and is being conducted by the Nomination Committee led by the senior independent director, Lord Condon.
Duch-Pedersen was appointed as deputy chairman in May 2004 and became chairman in June 2006. He’s also chairman of the Nomination Committee.
Lord Condon commented: “On reaching 65, and following the Board’s decision to terminate negotiations regarding the ISS acquisition, Alf Duch-Pedersen has informed the Board of his intention to retire this year and we have reluctantly accepted his decision. We’re pleased that he’s remaining as cairman for the duration of the selection process to ensure that the transition to the new chairman is as seamless as possible.”
He added: “During his time on the board, Alf has delivered significant compound annual growth rates across all of the company’s key financial metrics – including 21% annual profit growth and 15% annual EPS growth – and successfully acquired and integrated a large number of companies including GSL, a large Government outsourcing business which has been instrumental in developing the group’s Government outsourcing capability and has resulted in a number of significant contract wins in recent years.”
Lord Condon continued: “At the same time, the global workforce has grown significantly, from 306,000 to 635,000 across 125 countries of operation. Alf was a key member of the Board during the complex integration of Securicor and Group 4 to create G4S and during a global re-branding exercise to create a single corporate identity to appeal to an increasingly international customer base.”
In conclusion, he stated: “On behalf of the Board, I would like to thank Alf for his huge contribution to the success of the group and to the development of the industry during his time on the Board and under his leadership as chairman.”
Lord Condon was appointed to the Board in May 2004. He became deputy chairman of the Board in September 2006 and is chairman of the Remuneration Committee.
He joined the Metropolitan Police Service in 1967 and, after holding various senior appointments in the police force (including a period as chief constable of Kent), he served as Commissioner of the Metropolitan Police between 1993 and 2000.
He was created a life peer in 2001 and is an advisor to international sports governing bodies and a member of the Advisory Board of Vidient Systems Inc.
Time is right for a new chairman
Commenting on his intended retirement, Alf Duch-Pedersen said: “I have a long history with the group and in some ways will be sad to be stepping down, but the time is right to appoint a new chairman and I wanted to advise the Board of my intention to retire so that the process to appoint a successor could begin in good time.”
He went on to state: “It has been an honour to lead the Board of such a great organisation and I would like to thank the Board, management and employees of G4S for their support over the last seven years and for making G4S one of the world’s leading organisations.”
Despite the macro-economic challenges in recent years, Duch-Pedersen is confident that the group is in a strong position to develop in the future under the leadership of Nick Buckles and his management team and the stewardship of the new chairman and his or her fellow Board members.
Throughout his career, Duch-Pedersen has led multinational companies based in both Scandinavia and the UK, covering a range of industries from manufacturing and financial services to food and food products.
He was president and chief executive of Tryg Baltica A/S from 1991 to 1997 and fulfilled the same roles at Danisco A/S between 1997 and 2006. He was chairman of the Board of Dankse Bank A/S from 2004 until he retired in 2011.
In accordance with LR 9.6.12 R, the effective date of Duch-Pedersen’s retirement is not yet known. The company will therefore make a further announcement regarding that date as soon as it has been decided.
