Leo Quinn is to step down from his role as Balfour Beatty’s chief executive after 10 years at the helm.
The UK’s largest contractor has announced that Quinn will be succeeded by Philip Hoare, Chief Operating Officer, AtkinsRéalis.
Quinn will continue in an advisory capacity for several months to ensure a seamless transition, according to a statement from Balfour Beatty.
Charles Allen, Balfour Beatty group chair, said: “On behalf of the board, I pay tribute to Leo for his exceptional and inspirational leadership of both Balfour Beatty and the industry over the last decade.
“Leo has transformed Balfour Beatty into a strong, resilient group, setting it firmly on a trajectory of profitable growth.
“This is underpinned by a culture across its workforce which is committed to expertise, discipline and excellence, resulting in a trusted reputation for delivering value for all stakeholders.”
He said that Hoare’s “depth of industry knowledge and his experience in delivering a profitable growth strategy across multiple geographies” make him the ideal successor.
Hoare will receive a salary of £840,000 and a pension allowance of 7% of salary.
Quinn will receive his contractual entitlement of 12 months’ notice.
During Leo’s tenure, Balfour Beatty has strengthened its balance sheet from average net debt of £371m in 2014 to £735m average net cash in 2024, the company said.
“Given this strong cash performance, between 2021 and 2024, £755m of capital has been returned to shareholders through dividends and share buybacks.”
Last month, Balfour Beatty appointed three new sector leads to focus on the UK’s “critical” growth areas.
