Balfour Beatty has appointed a new chief financial officer on a salary of £400,000 a year.
Philip Harrison joins from Hogg Robinson Group, which specialises in organising corporate travel.
He takes over from Duncan Magrath, whose departure from the troubled contractor was announced in November. Harrison will take up his position at Balfour Beatty later in the year.
Previously, he worked at government support services business VT Group and IT firm Hewlett-Packard.
Group chief executive Leo Quinn, joined Balfour Beatty this year, and will get a £10.5M bonus if he turns the company around. He said: “We are delighted to have found and attracted a candidate of Philip’s experience and calibre and he will be joining a leadership team committed to restoring Balfour Beatty to strength.
“His strong understanding of businesses that bid and deliver major contracts globally and his track record in embedding strong financial controls across complex companies are essential in our drive to improve cash generation and reduce overheads.”
“At the same time, the board would like to thank Duncan Magrath for his continued commitment and support until the appropriate handover is concluded.”
A Balfour statement said: “Harrison will receive a basic annual salary of £400,000, with pension and benefit provision in line with the company’s approved remuneration policy.
“In addition, and also consistent with the remuneration policy, he will participate in Balfour Beatty’s annual bonus and long-term incentive plans, and the value of Philip’s incentive awards which will be forfeited upon leaving his current employer will be compensated.”