After ten years at the helm, Leo Quinn is stepping down as Balfour Beatty CEO to be replaced by Philip Hoare from AtkinsRéalis.
Leo Quinn is to step down from his role as Balfour Beatty’s chief executive after ten years leading the company. The international infrastructure group has announced that Quinn will be succeeded by Philip Hoare, chief operating officer at AtkinsRéalis, in September.
Hoare was chosen by the Balfour Beatty board following an extensive international search. A civil engineer, Hoare has built his 30-year career in the industry at AtkinsRéalis, a 39,000-strong global engineering services and nuclear enterprise with annual revenues of CAD $9.4bn (£5.1bn) and listed on the Toronto Stock Exchange. With his extensive leadership experience in the engineering, project management and construction sectors, Hoare has been a fundamental part of the growth and performance of the company, first as CEO of Atkins in the UK and Europe and then as president of the global engineering services business.
In January 2024, he was appointed chief operating officer of the transformed group to drive growth and performance across the company and lead a diverse portfolio of significant international projects. Following Hoare’s appointment to the board in September, Quinn will continue in an advisory capacity for several months to ensure a seamless transition.
Charles Allen, Lord Allen of Kensington, 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 which is committed to expertise, discipline and excellence, resulting in a trusted reputation for delivering value for all stakeholders.”
During Quinn’s tenure, Balfour Beatty has strengthened its balance sheet from average net debt of £371m in 2014 to £735m average net cash in 2024. Given this strong cash performance, between 2021 and 2024, £755m of capital has been returned to shareholders through dividends and share buybacks. Since October 2014, when Quinn’s appointment was announced, Balfour Beatty has delivered total shareholder returns of 261%, more than three times the average TSR of the FTSE250 index.
Leo Quinn, Balfour Beatty 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.”
