LONDON (Reuters) - British infrastructure group Balfour Beatty (BALF.L) said on Monday its Chief Executive Ian Tyler was stepping down after 16 years with the company and would be replaced by his deputy, Andrew McNaughton.
McNaughton will succeed Tyler on March 31, the company said in a statement. Tyler, who has run Balfour since 2005, would remain with the company until April 30 to ensure a smooth transition.
A company spokeswoman said Tyler felt now was the right time to step down and focus on other opportunities.
“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,” McNaughton said in the statement.
McNaughton joined Balfour in 1997 and was appointed to the board in 2009 as chief operating officer. He was promoted to deputy CEO in July last year.
Balfour Beatty’s construction business has been hit hard by public sector cuts and falling business confidence in the U.S. and Britain. In November it said it would miss profit guidance for 2012 and was reviewing its business.
Shares in Balfour closed at 289 pence on Monday, valuing the company at 2 billion pounds ($3.2 billion).
Reporting by Brenda Goh; Editing by Tom Pfeiffer