Balfour Beatty shares slump as veteran chief Leo Quinn steps down
Shares in Balfour Beatty slumped on Wednesday after veteran chief executive Leo Quinn announced plans to step down.
Quinn departs following a more than 10-year stint leading the UK’s biggest contractor, during which time he significantly reduced debt and put the company on the path to profitable growth.
Shares fell more than four per cent by midday.
Philip Hoare, chief operating officer at the Canadian consultant AtkinsRéalis, will replace Quinn.
Hoare, a civil engineer, joins following a 30-year career in the industry, which included a period as Atkins’ UK chief and then as president of its global engineering services business.
Lord Allen of Kensington CBE, Chair of Balfour Beatty, praised Quinn’s “inspirational leadership” for transforming the company and setting it “firmly on a trajectory of profitable growth.”
Quinn’s tenure has strengthened Balfour’s balance sheet, from an average net debt of £371m in 2014 to £735m in average net cash in 2024.
The FTSE 250 company’s portfolio includes a number of major infrastructure projects, such as HS2, Hinkley Point C, and the Thames Tideway tunnel.
“It has been my great privilege to lead Balfour Beatty through over ten years of transformation into a focused and leading international infrastructure Group,” Quinn said in a statement on Wednesday.
“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.”
Incoming boss Philip Hoare said: “Balfour Beatty is a cornerstone of the construction and infrastructure industry with an exciting future.
“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.”