Chief Executive Leadership Transition
Balfour Beatty plc, the international infrastructure group, today announced that Leo Quinn will step down from the Board later this year after more than a decade as Group Chief Executive.
Following an extensive global search, the Board has selected Philip Hoare, Chief Operating Officer at AtkinsRéalis, to succeed him. Philip will officially join Balfour Beatty in September 2024.
Philip, a civil engineer, has had a distinguished 30-year career in the industry, building his expertise at AtkinsRéalis Group Inc., a global engineering services and nuclear enterprise with a workforce of 39,000 and annual revenues of CAD $9.4 billion (£5.1 billion). Listed on the Toronto Stock Exchange, AtkinsRéalis has benefited significantly from Philip’s leadership. He previously served as CEO of Atkins in the UK and Europe before taking on the role of President of the company’s global Engineering Services business.
In January 2024, Philip was appointed Chief Operating Officer of AtkinsRéalis, leading growth and operational performance across a diverse portfolio of international projects. His extensive experience in engineering, project management, and construction makes him well-suited to drive Balfour Beatty’s continued success.
Once Philip assumes his new role on the Board in September, Leo will remain in an advisory capacity for several months to ensure a seamless transition.
A Tribute to Leo Quinn’s Leadership
Charles Allen, Lord Allen of Kensington, CBE, Balfour Beatty Group Chair, commented:
“I am delighted that Philip will be joining the Group as Chief Executive. Throughout the selection process, his depth of industry knowledge and his track record of delivering profitable growth across multiple geographies made it clear that he is the ideal leader to drive Balfour Beatty’s future success.
“On behalf of the Board, I would like to pay tribute to Leo for his exceptional and inspirational leadership over the last decade. Under his guidance, Balfour Beatty has transformed into a strong and resilient organisation, firmly positioned for sustainable, profitable growth. His leadership has fostered a culture of expertise, discipline, and excellence, cementing Balfour Beatty’s reputation for delivering outstanding value for all stakeholders.”
Since Leo Quinn joined the company, Balfour Beatty has significantly strengthened its financial position. In 2014, the company had an average net debt of £371 million. By 2024, this had been transformed into an average net cash position of £735 million. Given this strong financial performance, the company has returned £755 million to shareholders between 2021 and 2024 through dividends and share buybacks. Additionally, since Leo’s appointment was announced in October 2014, Balfour Beatty has delivered a Total Shareholder Return (TSR) of 261%, surpassing the average TSR of the FTSE250 index more than threefold.
Reflecting on his tenure, Leo Quinn said:
“It has been my great privilege to lead Balfour Beatty through more than ten years of transformation, positioning it as a focused and leading international infrastructure group. I believe our industry-leading safety performance, financial strength, and strategic position in growth markets stem from investing directly in our outstanding people, reinforcing our 115-year heritage as a trusted industry leader.”
Philip Hoare’s Vision for the Future
Philip Hoare expressed his enthusiasm for his new role, stating:
“Balfour Beatty is a cornerstone of the construction and infrastructure industry with an exciting future ahead. I will be incredibly proud to lead the Group in continuing to deliver exceptional infrastructure and services for its customers and communities, creating meaningful careers for colleagues, and driving long-term value for shareholders.”
Philip brings extensive expertise in managing large-scale infrastructure and engineering projects, driving growth, and leading high-performing teams. His leadership at AtkinsRéalis has been instrumental in expanding the company’s footprint and ensuring operational excellence. He is expected to leverage his experience to strengthen Balfour Beatty’s competitive position, enhance its service offerings, and explore new opportunities for innovation and expansion.
Ensuring a Smooth Leadership Transition
The transition in leadership will be conducted in a structured and phased manner to maintain continuity and stability within the organisation. As part of this process, Leo Quinn will provide advisory support to Philip Hoare over the coming months, ensuring that strategic initiatives remain on track and that Balfour Beatty’s commitments to stakeholders continue uninterrupted.
Balfour Beatty’s succession planning reflects its commitment to securing top-tier leadership talent. The company’s Board conducted an extensive international search to identify a successor who possesses the experience, vision, and leadership capabilities to guide the Group through its next phase of growth. Philip Hoare’s appointment is the result of this rigorous process and is expected to align with Balfour Beatty’s long-term strategy and ambitions.
A Legacy of Transformation and Growth
Leo Quinn’s leadership has left an indelible mark on Balfour Beatty. Under his stewardship, the company has not only enhanced its financial stability but also reinforced its reputation for delivering high-quality infrastructure projects worldwide. His tenure has been defined by a steadfast commitment to operational excellence, safety, and innovation.
Balfour Beatty’s ability to generate strong cash flows, invest in strategic initiatives, and return significant capital to shareholders is a testament to the strength of its leadership and business model. As the company enters a new chapter under Philip Hoare’s leadership, it is well-positioned to capitalise on emerging opportunities and drive sustained value creation.
Commitment to Stakeholders and Sustainability
Balfour Beatty remains dedicated to creating long-term value for all its stakeholders, including customers, employees, shareholders, and communities. The company continues to prioritise safety, sustainability, and innovation in its projects, ensuring that it remains at the forefront of the infrastructure sector.
Sustainability remains a core focus, with Balfour Beatty implementing measures to reduce its environmental footprint and contribute to the transition towards a low-carbon economy. The company’s commitment to responsible business practices aligns with global sustainability goals and reinforces its leadership in the industry.
As the company embarks on this transition, it will continue to uphold the principles that have guided its success over the years: delivering world-class infrastructure, fostering a culture of excellence, and maintaining a strong financial foundation.
