Balfour Beatty's shares took a hit on Wednesday following the announcement that long-standing CEO Leo Quinn plans to step down.
Quinn, who has helmed the 海角视频's largest contractor for over a decade, has been instrumental in significantly reducing debt and steering the company towards profitable growth, as reported by .
The news saw shares drop by more than four per cent by midday.
Philip Hoare, currently chief operating officer at Canadian consultancy AtkinsRe虂alis, is set to succeed Quinn.
Hoare, a civil engineer with a 30-year industry career, has previously served as Atkins' 海角视频 chief and president of its global engineering services business.
Balfour Beatty's Chair, Lord Allen of Kensington CBE, lauded Quinn's "inspirational leadership" for transforming the company and setting it "firmly on a trajectory of profitable growth."
Under Quinn's stewardship, Balfour's balance sheet has improved significantly, from an average net debt of 拢371m in 2014 to 拢735m in average net cash in 2024.
The FTSE 250 firm's portfolio boasts several major infrastructure projects, including HS2, Hinkley Point C, and the Thames Tideway tunnel.
Quinn expressed his gratitude in a Wednesday statement, saying: "It has been my great privilege to lead Balfour Beatty through over ten years of transformation into a focused and leading international infrastructure Group."
"I believe that our industry-leading safety performance, financial strength and strategic position in growth markets come from directly investing in outstanding people to ensure what is now an enviable 115-year heritage."
The incoming chief, Philip Hoare, expressed his enthusiasm about his new role: "Balfour Beatty is a cornerstone of the construction and infrastructure industry with an exciting future."
He added, "I will be incredibly proud to lead the Group in continuing to deliver exceptional infrastructure and services for its customers and communities, fantastic meaningful careers for colleagues and long-term value for its shareholders."
