Balfour Beatty chief finance officer to leave company
04 November 2014
UK-based contractor Balfour Beatty has confirmed its chief financial officer Duncan Magrath is set to leave the business next year.
His departure comes in the wake of tough trading conditions for the company that were underlined in September by its issuing a third profit warning in five months.
The company, which appointed new CEO Leo Quinn has experienced financial turbulence following its prolonged failed takeover saga with Carillion this summer.
Balfour’s chief finance officer, who had served in his post for the past six years, will stay on until a successor is found.
He had overseen the completion of the sale of the group’s US Parsons Brinckerhoff deal with WSP, which was worth a total of £753 million (€962 million) to the company.
According to a management statement, £200 million (€255 million) of proceeds of the sale would go towards returning funds to shareholders and a further £80 million (€102 million) to reduce its company pension deficit.
Any remaining money would then be placed into its general balance sheet to offer greater operating flexibility.
Steve Marshall, executive chairman, said, "Duncan has been our CFO for six years. He has shown huge personal commitment to Balfour Beatty, and particularly in the recent more challenging times, his contribution and his resolve under pressure has been unwavering.
“Following the completion of the Parsons Brinckerhoff disposal and the announcement of our new Group CEO, Duncan will be seeking new career challenges in 2015. In the meantime, he will continue on the Board as Group CFO, and will remain as strongly committed to this role as he has always been."
