New CEO to join Balfour Beatty in 2015
Leo Quinn to take over Jan 1, 2015
Leo Quinn started his career with Balfour Beatty in 1979
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Balfour Beatty recently announced the appointment of Leo Quinn as its new chief executive officer, who will join the board on Jan 1, 2015. Quinn has previously worked with defence specialist Qinetiq Group and Honeywell Building Controls.
Quinn’s appointment, the infrastructure firm is hoping, will revamp the company’s image in native country Britain, where Balfour Beatty has received flak for mismanaging its projects. The firm has also struggled to perform on the London Stock Exchange and recently hired auditing giant KPMG to examine and correct its consistently negative performance in the construction sector.
Executive chairman Steve Marshall, who is reportedly planning to quit Balfour Beatty soon, commented on Quinn’s appointment in a company statement: “I am delighted to welcome Leo to Balfour Beatty. Leo is an outstanding individual with an excellent track record in improving the performance of major international businesses.
“I am confident that Balfour Beatty will thrive under Leo’s leadership.”
Quinn will receive a basic annual salary of $1.2 million, with pension and benefit provision for his new role at Balfour Beatty. As stipulated by the company’s remuneration policy, Quinn will also participate in Balfour Beatty’s annual bonus and long term incentive plans.
“Balfour Beatty is a world-leading brand with world-leading talent. Having started my career there, I am very proud to be rejoining a company so ingrained in British engineering,” said Quinn, who began his career at Balfour Beatty in 1979 as a civil engineer in the UK construction services business.
“The building blocks are there to give Balfour Beatty’s people the success they deserve and I am keen to work with them to create something significant and lasting.”
Earlier this year, Balfour Beatty called off merger talks with its rival Carillion, over the sale of its consulting subsidiary Parsons Brinckerhoff.
The contractor had entered into talks on the basis that it would first be able to proceed with the sale of Parsons Brinckerhoff, but Carillion had wanted to keep the global consultancy business as part of the merger deal.
Parsons Brinckerhoff was later purchased by WSP in a deal worth $1.35 billion.
