Balfour Beatty PLC shares tumbled on Wednesday after the infrastructure firm announced chief executive Leo Quinn would depart following a decade at the helm.
Philip Hoare, chief operating officer at engineering services firm AtkinsRéalis, would succeed Quinn following a transition period from September, Balfour said in a statement.
Balfour noted Quinn had overseen a shift in its balance sheet from average net debt of £371 million in 2014 to average net cash of £735 million in 2024.
“Leo has transformed Balfour Beatty into a strong, resilient group, setting it firmly on a trajectory of profitable growth,” chair Charles Allen said.
Shares were down 4.2% at 436.60p on news of Quinn’s departure.