Balfour Beatty has announced that Leo Quinn will step down from its board later this year, after more than 10 years as group chief executive.
Following an extensive international search, Philip Hoare, chief operating officer of consultancy group AtkinsRéalis, has been chosen to succeed him and will join in September 2025.
Philip Hoare is, a civil engineer, has built his career with WS Atkins, having joined in 1997, and was chief executive when it was acquired by Canadian firm SNC Lavalin in 2017 and became AtkinsRéalis. In January 2024, he was appointed chief operating officer of the whole group.
When Leo Quinn joined Balfour Beatty in January 2015 the business was out of control, or as he said at the time “too complex and too devolved for adequate line of sight and financial control”. In 2014 Balfour Beatty had made a £281m operating loss, making it the worst ever financial performance by a UK construction company at that time. It took him a year to turn it around but by 2016 Balfour Beatty was back in profit and survived.
During his tenure, Balfour Beatty has strengthened its balance sheet from average net debt of £371m in 2014 to £735m average net cash in 2024.
On his retirement as chief executive in September, Quinn will continue in an advisory capacity for several months to smooth the transition.
Balfour Beatty Group chair Charles Allen (Lord Allen of Kensington) 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.”
Leo Quinn said: “It has been my great privilege to lead Balfour Beatty through over 10 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 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.”
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