London - Troubled British infrastructure group Balfour Beatty has named Leo Quinn, head of defence firm QinetiQ, as its new chief executive, opting for a boss with a track record of turning businesses around.
The company, which provides construction, engineering and facilities management services in more than 80 countries, said Quinn would start the job and join the board on January 1, 2015.
Balfour, which has issued a string of profit warnings in the past year, has been without a CEO since May when Andrew McNaughton stepped down.
Quinn, who also formerly held the role of CEO at banknote printer De La Rue, will receive a basic annual salary of 800 000 pounds in addition to a pension and company benefits.
“Leo is an outstanding individual with an excellent track record in improving the performance of major international businesses,” Balfour Executive Chairman Steve Marshall said in a statement.
“He has the depth and breadth of experience and the drive to lead our company through the next stage of its development,” he added.
Balfour, which rejected a takeover offer from UK rival Carillion for the third time in August, is undergoing a review by auditing firm KPMG across its construction business in Britain.
Reuters