Quinn appointed CEO of Balfour Beatty
Former chief executive of QinetiQ to take up position on 1 January
Balfour Beatty has appointed Leo Quinn as its new chief executive officer (CEO) with an annual salary of £800,000.
Quinn will take up his new position and join the board on 1 January 2015.
Executive chairman Steve Marshall said: “I am delighted to welcome Leo to Balfour Beatty. Leo is an outstanding individual with an excellent track record in improving the performance of major international businesses. He has the depth and breadth of experience and the drive to lead our company through the next stage of its development. I am confident that Balfour Beatty will thrive under Leo’s leadership.”
Quinn joins Balfour Beatty after five years as group chief executive of QinetiQ, which he reshaped into a strong commercial competitor providing technology solutions in defence, security and aerospace.
From 2004-2008 Quinn, who holds an MSc in Management Science and a BSc in Civil Engineering, was CEO of De La Rue, the largest non-government printer of banknotes, and prior to that led a number of international business transformations as global president of Honeywell Building Controls and COO of Production Management, the largest division of Invensys PLC.
He began his career at Balfour Beatty in 1979 as a civil engineer in the UK construction services business.
Quinn added: “Balfour Beatty is a world-leading brand with world-leading talent. Having started my career there, I am very proud to be rejoining a company so ingrained in British engineering, and am resolute in my ambition to realise its enormous potential for customers, employees and investors. The building blocks are there to give Balfour Beatty’s people the success they deserve and I am keen to work with them to create something significant and lasting.”
Balfour Beatty revealed the value of Quinn’s incentive awards, which will be forfeited upon leaving his current employer, will be compensated.
Balfour Beatty has a joint venture in Dubai with Dutco which is currently working on the expansion of the Dubai Mall project for Emaar Properties.