National Grid non executive director Philip Aiken is to become non-executive chairman of troubled infrastructure giant Balfour Beatty.
Aiken will step down from his National Grid role later this month and will join the contractor on 26 March.
He will replace current chairman Steve Marshall, who will leave Balfour Beatty’s board along with planning and developments director Peter Zinkin.
The contractor’s finances have deteriorated over the last 12 months, and it recently announced £70M dent in its construction profits, .
Aiken said: “I am very much looking forward to working with the board and the executive team in setting the business back on the course of value creation with Leo and his team.
“Balfour Beatty has great people and a vast depth of engineering capability and technical expertise. The group is striving to ensure that the value delivered to our customers translates into best in class performance and restores Balfour Beatty to strength.”
Chief executive Leo Quinn added: “Philip has many years of highly relevant international board-level experience at the top of industry and we look forward to his valuable contribution to the business, including areas of paramount importance to the group such as safety.
“The board is focused on the group-wide transformation programme and capturing the significant opportunity to drive leaner, stronger processes, improved profits and strong cash generation to the benefit of our shareholders.
“We would like to thank Steve and Peter for their many years of commitment and determination and wish them well for the future.”