BALFOUR Beatty last night said Ian Tyler will step down from his role as chief executive on 31 March, marking the end of an eight year stretch at the top of the FTSE 250-listed infrastructure group.
Tyler will hand the reins to deputy chief executive Andrew McNaughton before “exploring new opportunities outside Balfour Beatty”, he said in a statement.
The firm has trebled in size under Tyler’s tenure, the firm said, though this year it has seen tough trading that prompted a profit warning in November.
McNaughton was promoted to Tyler’s deputy in July, as part of the board’s succession plan. He has worked for the firm since 1997.
“The board is delighted that someone of Andrew’s calibre has developed from within the business and is now ready to take over the role of chief executive from Ian,” said chairman Steve Marshall.
Balfour, which is due to release a trading update today, also revealed yesterday that it will work with Skanska on a £321m contract to upgrade parts of the M25, and its US arm has won a power station contract.