Tragedy moves Compass succession forward
Richard Cousins, outgoing CEO of the world’s largest catering firm, Compass Group Plc, has died in a plane crash. Mr. Cousins was sightseeing in a chartered flight with four family members when the plane went down north of Sydney. According to a statement from police, the aircraft plunged into the Hawkesbury River near Jerusalem Bay just after 3 p.m. – all of the plane’s six occupants, including the pilot, died.
Cousins presided over Compass Group during more a meteoric rise that lasted more than a decade
SOURCE: Yahoo Finance
Mr. Cousins was due to step down from his position on March 31, to be replaced by the company’s chief operating officer, Dominic Blakemore. However, the tragedy of his death has accelerated Blakemore’s appointment, and the latter has been active in the role since 1 January. Blakemore is widely seen as a worthy successor to Cousins’ legacy – but investors nonetheless responded to the news negatively, given Cousins’ exceptional tenure at Compass and the unexpectedly early change of leadership.
Paul Walsh, Compass’s chairman, paid tribute to Mr. Cousins in a statement, saying:
"We are deeply shocked and saddened by this terrible news. The thoughts of everyone at Compass are with Richard's family and friends, and we extend our deepest sympathies to them. It has been a great privilege to know Richard personally and to work with him for the last few years. Richard was known and respected for his great humanity and a no-nonsense style that transformed Compass into one of Britain's leading companies.
“In the past 11 years Richard has transformed Compass into an industry leading organisation that delivers excellent food services to our clients, attracts and develops great people and generates significant returns for our shareholders."
Dominion holds Compass Group Plc in its Global Trends Managed Fund.
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