Chubb chief plans to step down

Robert Gasparini is stepping down as chief executive of security services firm Chubb after little over two years in charge, it emerged today.

Chubb said Mr Gasparini was leaving next month to pursue new business interests back in the US, where he and his family live.

Finance director and deputy chief executive Jonathan Findler will move into the hot seat after Chubb presents annual results on February 19.

Chubb was a takeover target for Swedish firm Securitas last year and today’s announcement is likely to fuel renewed speculation about its future.

Shares in the group were up 12%, or 9.5p, to 91p as it added that underlying profits for 2002 would meet forecasts of around £110 million.

Mr Gasparini took over as chief executive when Chubb demerged from conglomerate Williams and floated as a separate business in November 2000.

The group services include fire detection, CCTV, alarm monitoring and security personnel.

Concerns over organic growth have dogged Chubb’s shares, which listed on the London stock market at 255p but touched a low of 81.5p last week.

Mr Gasparini said, however: “It is with a sense of accomplishment that I leave behind a renewed and healthy company, with a solid strategic platform, a strong management team and a healthy potential for growth.

“I will continue to support the board of Chubb and its management team during this transition period.”

Chairman Robert Horton added: “Robert has successfully completed the development of sound strategic and operational foundations for Chubb’s security services business; these will represent the platform of growth in the years to come.”