Balfour Beatty reconstructs board as chief steps down

Balfour Beatty, one of the UK’s greatest construction groups, is kicking off the particular search for a new chairman.

Sky News has learnt how the FTSE 250 company, which is among the key contractors on the HS2 high speed rail link, has appointed headhunters at Egon Zehnder to identify the successor to Philip Aiken.

Sources said that Mr Aiken planned to step down in or around its 2021 yearly meeting after six years within the post.

Image: Philip Aiken is observed with fellow Aussie Kylie Minogue at an Australia Day dinner within 2015

Together with Leo Quinn, the chief executive, Mister Aiken has stabilised Balfour Beatty’s finances and pleased investors simply by returning the company to a position associated with strong growth prior to the coronavirus outbreak.

The chairman, a good Australian who previously ran BHP Billiton’s energy business, also seats Aveva, the FTSE 100 software program company which is in the process of obtaining OSIsoft, an US-based rival, to get $5bn.

The search for Mr Aiken’s successor at Balfour Beatty has been led by Stephen Billingham, the particular senior independent director.

The company was in a precarious placement when the current chairman took over, getting issued a string of income warnings and seen a combination with rival Carillion collapse throughout the previous 12 months.

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Less than 3 years later, Carillion had been forced to get in touch with liquidators after failing to secure an urgent situation bailout from the government or personal shareholders.

Like several London-listed companies, Balfour Beatty continues to be forced to shelve dividends during the course of this season.

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The shares, however , are modestly increased during the last 12 months, reflecting investors’ self-confidence in its prospects amid government promises to invest substantially more in main infrastructure projects.

Balfour Beatty declined to comment on Mon.