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Balfour Beatty’s new boss gets £10.5M ‘golden hello’

The new chief executive of Balfour Beatty will get a bonus worth up to £10.5M if he improves results at the troubled contractor.

Leo Quinn, who was appointed in October and started his job on 1 January, will receive up to 2.76 million shares in the business during the next three years.

Some 950,000 will be handed over in the summer, as compensation for stock incentives Quinn left behind at his previous company QinetiQ.

The remainder are dependent on improvements in the Balfour Beatty share price; if it averages £3.80 during the final 60 days of 2017, the bonus package could be worth £10.5M in total.

 

Leo Quinn

Quinn: In line for £10.5M bonus if he turns Balfour round.

Balfour Beatty’s share price hit an 11-year low in October, and currently stands at 203p.

Quinn has already been granted a 33% rise in his basic pay to £800,000 after leaving QinetiQ.

The civil engineer, who started his career with Balfour Beatty in the 1970s, 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.”

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