Leo Quinn, chief executive of Balfour Beatty for over a decade, has announced that he will be replaced later this year
Philip Hoare, current chief operating officer at AtkinsRéalis, has been chosen to be Quinn’s successor.
Philip will join the Group in September.
Philip has spent thirty years with AtkinsRéalis
Philip’s experience and leadership in the engineering, project management, and construction sectors has been a great boos to the company, causing growth and an increase in performance as Philip performed duties as CEO of Atkins in the UK and Europe, and then as President of the global Engineering Services business.
Philip was made chief operating officer in January 2024 in order to further boost growth and performance and lead a portfolio of international projects.
Once Philip has assumed the role as Balfour Beatty’s chief executive, Leo Quinn will drop to an advisory role for him to smooth out the transition process.
Under Leo’s leadership from 2014-2024, Balfour Beatty saw its balance sheet raise from a net debt of £371m to an average net cash of £735m. This rise saw £755m of capital returned to shareholders in dividends and buybacks between 2021 and 2024.
Leo has seen total shareholder returns (TSR) of 261% in his time since starting in October 2014, which is over three times the average in the FTSE250 index.
“Exceptional and inspirational leadership”
Charles Allen, Lord Allen of Kensington, CBE, Balfour Beatty group chair, said: “I am delighted Philip will join the Group as chief executive. The selection process made clear that his depth of industry knowledge and his experience in delivering a profitable growth strategy across multiple geographies make him the ideal person to drive forward the Group’s success in our chosen markets.
“On behalf of the Board, I pay tribute to Leo for his exceptional and inspirational leadership of both Balfour Beatty and the industry over the last decade.
“Leo has transformed Balfour Beatty into a strong, resilient Group, setting it firmly on a trajectory of profitable growth. This is underpinned by a culture across its workforce that is committed to expertise, discipline, and excellence, resulting in a trusted reputation for delivering value for all stakeholders.”
Leo Quinn, Balfour Beatty group chief executive, said: “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.”
Philip Hoare, incoming Balfour Beatty group chief executive, 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.”
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