The stock prices of UK outsourcing company Serco Group rose by the highest amount in a decade, with a 13 per cent increase after the appointment of a new CEO.

Serco shares climbed to 463.50 pence with the company’s market value now at £2.23 billion.

Rupert Soames was appointed as the new CEO, and is set to take over from incumbent CEO Ed Casey on June 1st according to a statement from the outsourcing service provider.

Mr Soames has been appointed on the back success in driving growth in his past roles, and his posting comes as part of Serco’s attempts to grow following put negative stories in 2013, including a 68.5 million recharge to the UK government following service overcharging.

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