Construction group Balfour Beatty has announced that chief executive Ian Tyler is to step down at the end of March, handing over the reigns to his deputy, Andrew McNaughton.
Tyler said: “After eight years, I believe, the time is right to hand over to Andrew to lead the business in the next stage of its development.
“He will be supported by an experienced executive team. I am looking forward to exploring new opportunities outside Balfour Beatty.”
McNaughton joined Balfour Beatty in 1997 and was appointed to the board in 2009 as chief operating officer. He was promoted to deputy chief executive in July last year.
News of Tyler’s departure comes just two months after Balfour Beatty warned it would miss its profit guidance for 2012, blaming a dearth of major projects.
In a trading update today, the group told shareholders that it was taking action to “mitigate any adverse impacts” on its business as it struggles with tough market conditions.
It added: “In the medium and long term, we are confident that our position in infrastructure markets, our focus and competitive advantage in the transportation, rail, power, water and mining verticals, and our initiatives to access growing markets such as Australia, Canada, Brazil and India will stand us in good stead as well as making the business more robust.”
