Leo Quinn, who took up the seat of Balfour Beatty’s new chief executive on January 1st, is set to gain up to £10.5m in shares if he is able to double the firm’s share prices in the next three years.
Balfour Beatty have revealed that on joining the company Quinn was told he would have the potential to earn up to 2,766,719 shares in the company if he was able to revert the declining share price of the firm. In order to achieve the higher end of this bonus however he is required to achieve the firm rise in share prices to £3.80 by 2018, this on top of his £800,000 basic annual salary.
He has already been awarded 953,952 shares, with an estimated £1.9 worth at current share price, in compensation of “awards forfeited on leaving his previous employer”. His proportion of shares be annually reviewed in the following Januaries and will increase if “performance conditions linked to total shareholders returns” are met.
Quinn has commented on his employment that he saw a “tremendous opportunity to deliver significant value for our customers, our people and our investors.” He continued “Balfour Beatty is a world-leading brand with world-leading talent. The entire leadership team will be aligned and incentivised, as I am, on creating a high-performing business that is built to last.”
With Mr Quinn’s irrefutable history in turning around struggling companies it would be surprising if Balfour Beatty did not see a significant increase in share prices over the next few years, offering huge potential for investment and employment opportunities to many.
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