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Pin to quick picksDe La Rue Share News (DLAR)

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UPDATE 3-Balfour names QinetiQ chief to lead turnaround, shares surge

Wed, 15th Oct 2014 13:29

* Balfour Beatty recruits QinetiQ boss as CEO

* Shares in biggest one-day rise in 14 years

* QinetiQ CFO to become acting CEO (Adds incoming CEO Quinn comments, writes through)

By Li-mei Hoang

LONDON, Oct 15 (Reuters) - Troubled British infrastructuregroup Balfour Beatty has lured turnaround specialistLeo Quinn from defence firm QinetiQ to be its new chiefexecutive and review its businesses after a string of profitwarnings.

Shares in Balfour rose more than 14 percent to 170 penceafter the announcement, their biggest one-day rise in 14 years,as the market cheered Quinn's appointment that fills afive-month void at the top.

Quinn, 57, who will step into his new role on Jan. 1, willbe tasked with overhauling Balfour which has been without a CEOsince May when Andrew McNaughton stepped down.

The company, which has issued five profit warnings in twoyears, blames its recent losses on the mismanagement of a numberof UK contracts and also warned investors it could default onits debts if the sale of engineering consultancy ParsonsBrinckerhoff failed to go through.

Balfour, which provides construction, engineering andfacilities management services in more than 80 countries,recently rejected three takeover offers from UK rival Carillion and has tasked auditing firm KPMG to review itsstruggling construction business in Britain.

BACK WHERE HE BEGAN

Quinn, who started his career at Balfour as a civil engineer35 years ago, told Reuters he planned to oversee a strategicreview across the whole group next year and did not rule outcuts to some parts of the business.

"What I want to make sure is that we do a review of thewhole group because there is always the opportunity where partsof the business are doing well to do better, and where parts arestruggling - to look to remedy that," he said.

"At this moment in time, I don't know the detail and lay ofthe land at Balfour and I'd rule out no options," he added. "Iwouldn't want to think that we are going to shrink our way tosuccess. The economic indicators are positive for the company inthe future and on a rising tide, all ships rise."

He also said the sale of Balfour's U.S. design consultancybusiness Parsons Brinckerhoff would go ahead, despite analystsat Jefferies urging investors to block the deal on the groundsit would be better value for the group if it kept the unit.

"I think the price achieved is very good. I understand therationale and the reason for doing that completely. When I starton the first of January, that decision will be done and dustedand I will be looking and focusing on the portfolio goingforward," he said.

TRACK RECORD

At QinetiQ, Quinn was responsible for the disposal of thecompany's loss making U.S. services division and a 150 millionpound share buyback.

The surge in Balfour's shares on Wednesday mirrors a 16percent jump in QinetiQ's stock when Quinn was appointed CEO in2009 amid hopes he can be equally successful at Balfour.

"His track record at QinetiQ is that he is extremely good,in terms of what he has done recently but also, in terms of histurnaround capabilities," said Howard Seymour, analyst at NumisSecurities.

"It is a positive from the view of sentiment because it doesget rid of an uncertainty that has been there for some time.Clearly his credentials look excellent ... and the share priceis telling us that as well," he added.

Shares in QinetiQ fell 10 percent to 195.5p by 1300 GMT,reflecting disappointment at the loss of Quinn after five yearsat the helm.

Chief Financial Officer David Mellors will take over asacting CEO when Quinn leaves until a permanent appointment ismade. The company said a search for a new CEO has started.

Quinn, who also formerly held the role of CEO at banknoteprinter De La Rue, will receive a basic annual salaryof 800,000 pounds ($1.27 million) in addition to a pension andcompany benefits.

(Editing by Keith Weir/Emelia Sithole-Matarise)

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