Nick Buckles, the man in charge of beleaguered security firm G4S, insisted he was the right man to run the Olympics security contract.
The company's chief executive has faced a Home Affairs Select Committee in Westminster over the on-going security debacle caused by G4S' failure to deliver "as many Olympic guards as possible".
Mr Buckles said he was "sorry and deeply disappointed" that his firm failed to meet its targets.
The scandal has resulted in the emergency deployment of soldiers and police officers and seen £400 million wiped off the market value of G4S.
There is now mounting pressure on Mr Buckles to quit his £830,000 role.
Labour MP David Winnick asked him if it was a "humiliating shambles for the company", and Mr Buckles said: "I could not disagree with you."
He also agreed that the reputation of G4S was in tatters and added "At the moment, it's not a good position to be in."
Mr Buckles said he told Locog on July 3 that his firm experienced a shortfall, but it was not until an Olympics Security Board meeting, on July 11, that the firm said it was not going to meet its contract obligations.
Mr Buckles said G4S took on the Olympics contract to boost its reputation.