British construction and infrastructure group Balfour Beatty (BALF.L) on Wednesday named Philip Hoare as its next CEO, replacing Leo Quinn who will leave the firm after more than 10 years.
Shares of the London-headquartered company fell as much as 5.8% to 429.2 pence, hitting its lowest since January 15.
Hoare joins Balfour Beatty from Canadian engineering services group AtkinsRéalis (ATRL.TO), where he was chief operating officer for a year after leading the UK and global engineering businesses.
Quinn, who will stay in the role until September, has been crucial to strengthening the group's financial position, with Balfour's stock soaring 190% since he took over as CEO in October 2014.
