Serco makes humiliating rebate U-turn

first_img Share Show Comments ▼ Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. 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Global CEO Chris Hyman agreed with cabinet office minister Francis Maude in October that Serco would not make savings by cutting costs with suppliers, but the firm says that by that time it had already ditched the plan. Its only error was not communicating the change of heart to its suppliers, said a spokesman.The City was unimpressed by the episode, with Serco’s share price losing 4.4 per cent during the day to close down 27p at 587p.Mike Murphy from broker Numis said in a note that the group may suffer “some reputational damage”, and that the firm will now have to find another way to make savings. SERCOCHRIS HYMAN, CEOANDREW JENNER, FDTHE two men at the heart of the Serco row are both high-fliers who have reached the heights of the company at an early age. CEO Chris Hyman, 47, is a South African-born Christian who has been described as “combining the zeal of Cliff Richard with the determination of Seb Coe”.He says that his faith is a central part of his business life and that “what I am successful for is listening to God.” He fasts every Tuesday and donates 10 per cent of his income to his local Pentecostal church in Surrey, where he lives with his wife, a fellow South African and their two children. He is also a keen sportsman, who considered pursuing a career in athletics after running a 10.8 second 100m, and used to race Formula 3 cars. He joined Serco in 1994 after working at Arthur Andersen and Ernst & Young and became group finance director in 1999 and then CEO three years later. He was awarded a CBE earlier this year. At 41, Andrew Jenner was recently described as one of a “young, hungry and dynamic breed of FDs”. He was appointed to the role in 2003, having joined the firm in 1997 after beginning his career working at Deloitte and then Unilever. He was also appointed a non-executive director of Galliford Try in early 2009. whatsapp KCS-content Tags: NULLlast_img read more