Balfour Beatty has appointed civil engineer and former defence sector boss Leo Quinn as its new chief executive.
Quinn, a civil engineer who started his career at Balfour in the 1970s, has been chief executive of Qinetiq for the past five years.
He is known for reshaping Qinetic after it left the Ministry of Defence, as well as for transformation projects at Honeywell Building Controls and the Production Management division of Invensys.
Quinn will return to Balfour Beatty on 1 January with the task of turning around the fortunes of the troubled construction giant.
Executive chairman Steve Marshall said: “Leo is an outstanding individual with an excellent track record in improving the performance of major international businesses.
“He has the depth and breadth of experience and the drive to lead our company through the next stage of its development. I am confident that Balfour Beatty will thrive under Leo’s leadership.”
Quinn said: “I am very proud to be rejoining a company so ingrained in British engineering, and am resolute in my ambition to realise its enormous potential for customers, employees and investors.
“The building blocks are there to give Balfour Beatty’s people the success they deserve and I am keen to work with them to create something significant and lasting.”
He will be paid a minimum of £800,000 per year plus pension, benefits, compensation for incentives forfeited at Qinetiq, and the chance to secure fresh bonuses.
Balfour Beatty told the City last month that its 2014 results would be affected by a fresh £75M write-down of contract values across its construction services division.
Former chief executive Andrew McNaughton resigned in May at the same time as the contractor lowered its forecast for this year’s group pre-tax profit to between £145M and £160M.