Struggling Balfour Beatty Picks Next Chief

By Mark Kleinman, City Editor

Balfour Beatty, the beleaguered construction group, will on Wednesday hand the chief executive of the defence research firm Qinetiq the task of reviving its fortunes.

Sky News has learnt that Leo Quinn is to become the new boss of Balfour Beatty just weeks after it called off takeover talks with rival Carillion.

Mr Quinn, who has been at Qinetiq since November 2009, was formerly the chief executive of De La Rue, the banknote printer, and is respected by City investors.

His appointment is a coup for Balfour Beatty, which has been left reeling by five profit warnings in less than two years and a row with some investors about the sale of its US operation, Parsons Brinckerhoff.

Balfour Beatty is the UK's biggest construction group, but its shares have fallen sharply in the wake of its poor performance.

Many shareholders backed the idea of a merger with Carillion but negotiations between the two companies soured, ending without agreement.

Some analysts believe Carillion will return next year with a fresh proposal but Mr Quinn's appointment may persuade shareholders to give Balfour Beatty the benefit of the doubt.

Steve Marshall, its executive chairman, has said he will make way for a successor once a new chief executive is installed.

It was unclear on Tuesday night whether Qinetiq, which was spun out of the Ministry of Defence a decade ago, would announce Mr Quinn's replacement immediately.

Balfour Beatty and Qinetiq declined to comment.

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