Last checked at 15 Oct 2014 07:00
15 October 2014
Balfour Beatty announces Leo Quinn as new Chief Executive Officer
Balfour Beatty, the leading international infrastructure group, is pleased to announce the appointment of Leo Quinn as its new Chief Executive Officer (CEO). Mr Quinn will take up his new position and join the Board on 1 January 2015.
Mr Quinn joins Balfour Beatty after five years as Group Chief Executive of QinetiQ, which he has reshaped into a strong commercial competitor providing technology solutions in defence, security and aerospace. From 2004-2008 Mr Quinn created substantial value as CEO of De La Rue, the largest non-government printer of banknotes, and prior to that led a number of international business transformations as Global President of Honeywell Building Controls and COO of Production Management, the largest division of Invensys PLC.
Educated at Imperial College, London and Portsmouth University, Mr Quinn holds an MSc in Management Science and a BSc in Civil Engineering. He began his career at Balfour Beatty in 1979 as a civil engineer in the UK construction services business.
Executive Chairman Steve Marshall said: "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. He has the depth and breadth of experience and the drive to lead our company through the next stage of its development. I am confident that Balfour Beatty will thrive under Leo's leadership."
Leo Quinn said: "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, and am resolute in my ambition to realise its enormous potential for customers, employees and investors. 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."
On appointment, Mr Quinn will receive a basic annual salary of £800,000, with pension and benefit provision in line with the company's approved remuneration policy. In addition, and also consistent with the remuneration policy, he will participate in Balfour Beatty's annual bonus and long-term incentive plans, and the value of Mr Quinn's incentive awards which will be forfeited upon leaving his current employer will be compensated.
ENDS
Analyst/investor enquiries:
Anoop Kang
Tel. +44 (0)20 7216 6913
anoop.kang@balfourbeatty.com
Media enquiries:
Patrick Kerr
Tel. +44 (0)20 7963 4258
patrick.kerr@balfourbeatty.com
Dominic Cheetham
Tel. +44 (0)20 7963 4235
dominic.cheetham@balfourbeatty.com
About Balfour Beatty
Balfour Beatty (www.balfourbeatty.com) is an international infrastructure group that delivers world class services essential to the development, creation and care of infrastructure assets; from finance and development, through design and project management to construction and maintenance.
Our businesses draw on more than 100 years of experience to deliver the highest levels of quality, safety and technical expertise to our clients principally in the UK and the USA, with developing businesses in Australia, Canada, the Middle East and South East Asia. With proven expertise in delivering infrastructure critical to support communities and society today and in the future, our key market sectors focus on infrastructure - transportation (roads, rail and aviation), power and energy, water, and complex buildings (both commercial and social).
Balfour Beatty employs 40,000 people around the world.
About Leo Quinn
Neither Leo Quinn nor any connected person holds any interest in Balfour Beatty securities.
Leo Quinn is a Director of Betfair Group plc. There is no other information required to be disclosed pursuant to LR9.6.13R in respect of Leo Quinn.