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Investing.com -- Shares of Balfour (LSE:BBY) dropped by 4.5% following the announcement that Leo Quinn will step down as CEO later this year.
The company, which has seen significant transformation during Quinn’s decade-long tenure, is set to appoint Philip Hoare as the new CEO. Hoare, currently the Chief Operating Officer at AtkinsRéalis, will join the group in September after a successful 30-year career there.
The market’s reaction reflects concerns over the leadership transition, as Quinn has been credited with leading Balfour Beatty (OTC:BAFYY) through a period of substantial change, culminating in a strong safety record, financial stability, and strategic positioning in growth markets.
Balfour Beatty’s industry stature, with a 115-year heritage, has been significantly shaped by Quinn’s focus on investing in people and resources.
Philip Hoare’s appointment comes with high expectations due to his experience in delivering profitable growth strategies across multiple geographies. Group Chair Charles Allen expressed confidence in Hoare’s ability to continue the company’s success in their chosen markets.
The transition period will include several months of advisory capacity from Quinn to Hoare to ensure a smooth handover.
Analysts from Jefferies commented on the leadership change, stating, "Given the strong operational and share price performance under Mr. Quinn, we would not be surprised by some share price weakness this morning."
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