Balfour Beatty (LON: BBY) shares fell on Wednesday after the infrastructure group announced Chief Executive Leo Quinn will step down later this year after more than a decade in the role.
The company’s shares are down over 2% on Wednesday, adding to the 2.5% decline in Tuesday’s session.
The company also announced its succession plan with Philip Hoare, currently Chief Operating Officer at engineering giant AtkinsRéalis, set to be appointed as Quinn’s successor, joining the company in September.
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BBY noted that Hoare, a civil engineer with 30 years of industry experience, has led major engineering and infrastructure projects across multiple geographies.
Balfour Beatty Chairman Lord Charles Allen, stated: “Leo has transformed Balfour Beatty into a strong, resilient Group, setting it firmly on a trajectory of profitable growth.”
Under Quinn’s tenure, the company moved from an average net debt of £371 million in 2014 to an average net cash position of £735 million in 2024, returning £755 million to shareholders through dividends and buybacks.
Quinn described his time at Balfour Beatty as a “privilege,” highlighting the company’s strengthened financial position and strategic market presence.
Incoming CEO Hoare called Balfour Beatty a “cornerstone of the construction and infrastructure industry” and said he looked forward to leading the group in delivering long-term value.
Following Hoare’s appointment, Quinn will remain in an advisory role for several months to ensure a smooth transition.
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