Balfour Beatty appoints new chief executive

McNaughton joined the company in 1997 and was appointed to the Board in 2009 as chief operating officer, leading the worldwide operations for the last three years where he developed the group's global strategy to move into higher growth sectors and geographies, Balfour Beatty stated. McNaughton was promoted to deputy chief executive last year.

"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 Steve Marshall, chairman, Balfour Beatty. "Andrew has a deep understanding of our customers and operations, and the relentless drive necessary to successfully deliver the strategy that he has been intimately involved in developing."

McNaughton said: "It has been a privilege to be part of the leadership team at Balfour Beatty for several years only now surpassed by the opportunity to take over from Ian as Chief Executive. We have a strong company and are in a good position to meet the short term market challenges and take advantage of the longer term opportunities. I am looking forward to building on the solid platform that we have created and leading us to the next stage of strategic growth."

Tyler added: "It has been a great honour to have been Balfour Beatty's Chief Executive, and to have led such a talented group of people. Together, we have created one of the world's leading infrastructure businesses. After eight years, I believe, the time is right to hand over to Andrew to lead the business in the next stage of its development. He will be supported by an experienced Executive Team. I am looking forward to exploring new opportunities outside Balfour Beatty."