News Releases
Ian Tyler to succeed Mike Welton as Chief Executive on 1 January 2005
11 Aug 2004The Board of Balfour Beatty plc, the international engineering, construction and services group, announces today that Chief Executive, Mike Welton, is to retire from the company and resign from the Board at the end of 2004.
He will be succeeded as Chief Executive by Ian Tyler, who has been Chief Operating Officer of the Group since July 2002. He joined the Group as Finance Director in 1996 from Hanson plc, where he was Finance Director of its subsidiary, ARC. Ian Tyler, who is 44, is a chartered accountant.
Commenting on his decision to retire, Mike Welton said: “After 8½ years as Chief Executive and over 20 years with the Group, I believe that the time is right to hand over to Ian Tyler. It has been a privilege to lead this company and I am confident that under his leadership it will continue to deliver the reliable, responsible growth in shareholder value which we have achieved in recent years.”
Sir David John, Chairman of Balfour Beatty plc, added: “The company has made enormous progress since Mike Welton became Chief Executive in 1996. It has been transformed from a traditional contracting organisation with sales of £1.7 billion to a broadly-based engineering, construction and services company with projected sales of close to £4.5 billion and excellent future prospects.
“During this period, Mike Welton and Ian Tyler have worked closely together in taking and implementing the decisions which have brought this transformation about. Ian is ideally placed to lead the company forward in its next phase of development.
“Mike Welton has been an outstanding leader of this company and will leave with the Board’s sincere thanks and very good wishes.”
Enquiries to:
Tim Sharp
Tel: 020 7216 6884
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