G4S Plc Chairman Alf Duch-Pedersen should step down after investors blocked the security company’s 5.2 billion-pound ($8.3 billion) attempt to buy ISS A/S, according to investor Parvus Asset Management LLP.
“I find that the board has failed. I am surprised he has not taken responsibility for this. There was such an opposition for days, they wanted to go ahead and this mess will cost the company 50 million pounds,” Parvus fund manager Edoardo Mercadante said in a phone interview today.
While Parvus supports Chief Executive Officer Nick Buckles, G4S needs a board and chairman that can identify the “right way to go about” implementing a strategy, Mercadante said.