Balfour Beatty CEO to step down after 10 years

(Sharecast News) - Infrastructure group Balfour Beatty has announced that its chief executive of 10 years Leo Quinn is to step down later this year. Under his leadership, Quinn is said to have "transformed Balfour Beatty into a strong, resilient Group, setting it firmly on a trajectory of profitable growth", according to chair Charles Allen.

During the past decade, Balfour Beatty has halved its debt position to £371m and delivered total shareholder returns of 261%, more than three times the average of the FTSE 250 index, the company said.

In a statement on Wednesday, the company said it has appointed Philip Hoare, currently the chief operating officer of Toronto-listed engineering services and nuclear enterprise AtkinsRéalis, as Quinn's replacement.

Hoare has been in his current role for a year, having previously served as CEO of Atkins in the UK and Europe, then as president of the group's engineering services business.

He will join the board in September, with Quinn continuing in an advisory capacity for "several months", Balfour Beatty said.

"I am delighted Philip will join the group as chief executive. The selection process made clear that his depth of industry knowledge and his experience in delivering a profitable growth strategy across multiple geographies make him the ideal person to drive forward the group's success in our chosen markets," Allen said.

Balfour Beatty's shares were down 1.2% at 450p by 0814 GMT.