Harrison is currently group finance director at Hogg Robinson Group and has previously worked at government support services business VT Group and at Hewlett-Packard. He will take up his new position and join the Balfour board later in the year, and is to receive a basic annual salary of £400,000.
Magrath announced his departure from the company, where he has worked for eight years, in November last year, just three weeks after Leo Quinn was announced as the new chief executive.
Quinn commented: “We are delighted to have found and attracted a candidate of Philip’s experience and calibre and he will be joining a leadership team committed to restoring Balfour Beatty to strength. His strong understanding of businesses that bid and deliver major contracts globally and his track record in embedding strong financial controls across complex companies are essential in our drive to improve cash generation and reduce overheads.”
Balfour’s shares went up by 0.68 per cent yesterday.