Balfour Beatty, the FTSE 250 global infrastructure group, has announced that role of Chief Executive will be passed from Ian Tyler to Andrew McNaughton at the end of March this year.
McNaughton, who was appointed to the board in 2009, is currently Deputy Chief Executive and Chief Operating Officer.
He led the worldwide operations for the last three years where he has been instrumental in developing the group's global strategy to move into higher growth sectors and geographies, the company said.
Start your trial of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Start your trial
Sign up for MoneyWeek’s free twice-daily newsletter.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
In line with the board's succession plan, McNaughton was promoted to Deputy Chief Executive on July 1st 2012, when he assumed additional responsibility for the Investments division and for various global functions including Health & Safety and Human Resources.
Latest Videos FromMoneyWeek
Chairman Steve Marshall said: "The board is delighted that someone of Andrew's calibre has developed from within the business and is now ready to take over the role of Chief Executive from Ian. Andrew has a deep understanding of our customers and operations, and the relentless drive necessary to successfully deliver the strategy that he has been intimately involved in developing."
McNaughton added: "It has been a privilege to be part of the leadership team at Balfour Beatty for several years only now surpassed by the opportunity to take over from Ian as Chief Executive.
"We have a strong company and are in a good position to meet the short term market challenges and take advantage of the longer term opportunities. I am looking forward to building on the solid platform that we have created and leading us to the next stage of strategic growth."
Tyler, who has been at the helm of the group for eight years, will remain on the board until the end of April to ensure a smooth transition, the firm said.
NR
