5th Mar 2025 10:39
(Alliance News) - Balfour Beatty PLC on Wednesday said that Chief Executive Officer Leo Quinn will step down later this year after more than a decade in the role.
Shares in Balfour Beatty were down 5.5% at 430.40 pence in London on Wednesday morning.
The London-based infrastructure construction contractor has appointed Philip Hoare, currently Chief Operating Officer at AtkinsRéalis Group Inc, as his successor. Hoare, a civil engineer, has spent 30 years at AtkinsRéalis, an engineering and project management firm.
Hoare has held several senior positions, including CEO of Atkins UK & Europe and president of the company's Engineering Services business. In January 2024, he was appointed COO.
Hoare will officially join Balfour Beatty in September. Quinn will remain in an advisory role for several months to assist with the transition.
Balfour Beatty Chair Charles Allen said: "I am delighted Philip will join the group as CEO. 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."
Balfour Beatty highlighted that during Quinn's tenure, the company moved from an average net debt of GBP371 million in 2014 to an average net cash position of GBP735 million in 2024. Between 2021 and 2024, the company returned GBP755 million to shareholders through dividends and buybacks.
By Eva Castanedo, Alliance News reporter
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