Duncan Magrath will leave Balfour Beatty in 2015 as soon as a new CFO has been appointed and, after a particularly tough 2014, he is not looking to hang around to bed in new chief executive Leo Quinn, who starts in January.
Executive chairman Steve Marshall 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.”
Steve Marshall revealed in September that he was also looking to leave the business as soon as a new chief executive had been recruited. Balfour Beatty has been without a CEO since Andrew McNaughton left in May 2014. Mr Marshall, a non-executive director since 2005 and chairman since 2008, stepped into the breach on an interim basis as executive chairman.
Last month Balfour Beatty announced that it had recruited Leo Quinn, chief executive of defence research firm QinetiQ, to be its new CEO. He joins in January.