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Compass CEO to Step Down

At FM press time, Compass Group announced that CEO Mike Bailey would resign following a profit warning that indicated the company's operating profits would be down significantly in its 2005 fiscal year. Compass also confirmed rumors that it would seek to sell off its Select Service Partner (SSP) global travel concessions unit for a reported asking price of more than £1 billion ($1.8 billion).

The news comes on the heels of an earlier announcement that company founder Sir Francis Mackay would leave his post as chairman next year. Bailey indicated he will stay on as CEO until Mackay's successor, Sir Roy Gardner, takes over sometime in 2006.

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