Chief Financial Officer to Leave Balfour Beatty
Posted on: 13/11/2014

Duncan McGrath,Chief Financial Officer of Balfour Beatty for the past six years, has recently announced that he will be leaving the contractor to pursue new career challenges in 2015.

This decision follows on the heels of a substantial £75million UK profit loss, reported earlier this year, which caused much faith to be lost in the business and its executives, especially as this was the fifth UK profit warning in two years.

McGrath is one of several to leave Balfour since this warning, with Nicholas Pollard, Chief Executive Officer, and Mark Cutler, Managing Director of the UK regional construction, having already announced their departures earlier this year. However Balfour Beatty have responded to the situation with no panic and have stated that there will be no rush to find a replacement for McGrath as they will wait to find the perfect candidate. Balfour Beatty is using these departures and their replacements as an opportunity to rejuvenate the company, something many see as a necessity to restore it back to its former glory.

Mr Marshall, Executive Chairman, has commented on the situation “Duncan has been our CFO for six years. He has shown huge personal commitment to Balfour Beatty, and particularly in the recent and more challenging times, his contribution and his resolve under pressure has been unwavering”.

McGrath will remain on the Board as Group CFO until his replacement has been appointed, something not expected until 2015, and will continue his involvement with the company’s ‘shake-up’, including the sale of their US consultancy arm Parsons Brinckerhoff, until his official leave.

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