Sector News

G4S names Petrofac's Tim Weller as CFO

August 15, 2016

G4S, the world’s largest security group, named Tim Weller as its new chief financial officer on Monday, poaching him from oilfield services company Petrofac where he held the same role.

Weller, who has been on the board of G4S since 2013, will replace Himanshu Raja who is due to step down on Oct. 1, the British company said in a statement.

“(Weller’s) experience and skill will be invaluable in leading our global finance team and supporting our broader transformation programme,” G4S CEO Ashley Almanza said.

G4S, whose activities range from running prisons to transporting cash and providing security at government buildings, is in the middle of an overhaul after a string of high-profile contract problems in Britain.

Shares in the FTSE 250 company G4S traded up 2 percent to 231 pence at 0710 GMT. Petrofac shares traded 1.3 percent lower.

By Sarah Young

Source: Reuters

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