Leo Quinn to step down as CEO Balfour Beatty, Philip Hoare appointed successor

LONDON: Balfour Beatty plc, the international infrastructure group, has announced that Leo Quinn will step down from the Board later this year after more than a decade of service as Group Chief Executive.

Following an extensive international search, the Board has selected Philip Hoare, the current Chief Operating Officer at AtkinsRéalis, to succeed Quinn. Hoare will join Balfour Beatty in September.

Philip Hoare, a seasoned civil engineer, has spent his 30-year career at AtkinsRéalis Group Inc., a global engineering services and nuclear enterprise listed on the Toronto Stock Exchange. Hoare has held various leadership positions within the company, including CEO of Atkins in the UK and Europe, and President of the global Engineering Services business. His leadership has been instrumental in driving the growth and performance of AtkinsRéalis, a company with annual revenues of CAD $9.4 billion (£5.1 billion).

In January 2024, Hoare was appointed Chief Operating Officer of AtkinsRéalis, tasked with driving growth and performance across the company and leading a diverse portfolio of significant international projects.

Leo Quinn will continue in an advisory capacity for several months following Hoare’s appointment to ensure a seamless transition.

Charles Allen, Lord Allen of Kensington, CBE, Chair of Balfour Beatty, expressed his excitement about Hoare’s appointment: “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.”

Allen also praised Quinn for his decade-long leadership: “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.”

Under Quinn’s tenure, Balfour Beatty has significantly strengthened its balance sheet, increasing average net cash from £371 million in 2014 to £735 million in 2024. Between 2021 and 2024, the company returned £755 million of capital to shareholders through dividends and share buybacks. Since Quinn’s appointment was announced in 2014, Balfour Beatty has delivered a Total Shareholder Return (TSR) of 261%, more than three times the average TSR of the FTSE250 index.

Reflecting on his time at Balfour Beatty, Quinn 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, the incoming Chief Executive, shared his enthusiasm for his new role: “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.”