International infrastructure group Balfour Beatty plc (“the Company”) today announces the appointment of Philip Harrison as Chief Financial Officer. He will take up his new position and join the Board later in the year.
A qualified accountant (FCMA), Philip’s career includes senior roles in large and complex international businesses. Prior to his current role as Group Finance Director at Hogg Robinson Group plc, Philip was the Group Finance Director at VT Group plc, the £1.3 billion turnover government support services business, and at Hewlett-Packard where he was the VP Finance for the $43 billion turnover Europe, Middle East and Africa region and a member of the EMEA board.
Group Chief Executive Leo Quinn said: "We are delighted to have found and attracted a candidate of Philip’s experience and calibre and he will be joining a leadership team committed to restoring Balfour Beatty to strength. His strong understanding of businesses that bid and deliver major contracts globally and his track record in embedding strong financial controls across complex companies are essential in our drive to improve cash generation and reduce overheads."
"At the same time, the Board would like to thank Duncan Magrath for his continued commitment and support until the appropriate handover is concluded."
On appointment, Philip will receive a basic annual salary of £400,000, with pension and benefit provision in line with the Company’s approved remuneration policy. In addition, and also consistent with the remuneration policy, he will participate in Balfour Beatty’s annual bonus and long-term incentive plans, and the value of Philip’s incentive awards which will be forfeited upon leaving his current employer will be compensated.
He holds 1,685 Ordinary Shares of 50p each in the Company. There are no other disclosures required under Listing Rule 9.6.13.
The previously announced search for a new Chairman is progressing well and an announcement will be made in due course.
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Notes to editors:
Balfour Beatty is a leading international infrastructure group.
With 36,000 employees, we provide innovative and efficient infrastructure that underpins our daily lives, supports communities and enables economic growth.
We finance, develop, build and maintain complex infrastructure such as transportation, power and utility systems, social and commercial buildings.
Our main geographies are the UK, US, Middle East and South East Asia. Over the last 100 years we have created iconic buildings and infrastructure all over the world including the London Olympics’ Aquatic Centre, Hong Kong’s first Zero Carbon building, the world’s biggest shopping mall in Dubai, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.