David Taylor-Smith, chief operating officer and regional CEO - UK and Africa, and Ian Horseman Sewell, managing director, G4S Global Events have both stepped down with immediate effect.
The security firm concluded however it was in the company’s "best interests" that CEO Nick Buckles stays.
The report supported by PwC found there were a series of project management and project execution failings including the monitoring and tracking of the workforce during the various recruitment, training and accreditation phases, and a proper appreciation of the scale and nature of the project.
G4S fulfilled 80% of contracted shifts across both the Olympics and Paralympics, but failed to provide the required 10,400 contracted security guards, forcing the Government to step in with military personnel.
As a result of the review, the company said it will take a number of further actions for the future, including a more rigorous risk assessment for new contracts and board oversight of contracts where annual revenues exceed £50m.
John Connolly, chairman, said: "G4S has accepted responsibility for its failure to deliver fully on the Olympic contract. We apologise for this and we thank the military and the police for the vital roles they played in ensuring the delivery of a safe and secure Games.
"Our review of the company's performance on this contract has been extremely thorough and, whilst the failures are largely specific to the very special nature of this contract, we will learn from mistakes made. We are taking actions in relation to both the management and governance of G4S to ensure we continue to deliver the highest standards of customer service and contract delivery across the Group."
What do you think of the findings? Comment below and let us know what you think.
For more in-depth and print-only features, showcases and interviews with world-leading brands, don't miss the next issue of Event magazine by