09/28/2012 10:01 EDT | Updated 11/28/2012 05:12 EST

2 G4S senior officers resigned after Olympics debacle; Group CEO Buckles to stay in post

LONDON - Two leading officials at G4S have quit following the company's poor handling of the Olympics and Paralympics security contract, but chief executive Nick Buckles has held onto his job.

In a statement Friday, G4S said Chief Operating Officer David Taylor-Smith and Ian Horseman Sewell, managing director of global events, have resigned for the debacle which cost the company both in terms of money and reputation. In the run-up to the Olympics, which started in late July, the British Army was called in to plug gaping holes in G4S's plans.

Though G4S said the CEO has "ultimate responsibility" for the company's performance, it said a review of the debacle did not uncover "significant shortcomings" in Buckles' performance or in his handling of the Olympics contract.

The board's review said the company failed to recognize the challenges the Olympic contract would impose because of its scope, and added that ineffective monitoring and tracking of the security workforce led to problems.

Chairman John Connolly said the company will learn from its mistakes and strengthen its management and governance procedures. The company also announced a series of changes designed to prevent future problems.

Keith Vaz, chairman of the Commons Home Affairs Select Committee, said G4S had made "the right decision" but cannot yet close the book on the Olympic fiasco because of outstanding fiscal issues, including the waiving of management fees and other payments.