Balfour Beatty has announced that Philip Harrison will take up the role of chief financial officer and join the company’s Board later in the year, in place of the outgoing Duncan Magrath.
As a qualified accountant (FCMA), Mr. Harrison’s career includes senior roles at large international businesses. Prior to his current role as group finance director at Hogg Robinson Group, he held the same position at government support services business VT Group, and has also served as VP of finance at Hewlett-Packard.
Leo Quinn, group chief executive for Balfour Beatty, said:
“We are delighted to have found and attracted a candidate of Philip’s experience and calibre and he will be joining a leadership team committed to restoring Balfour Beatty to strength. His strong understanding of businesses that bid and deliver major contracts globally and his track record in embedding strong financial controls across complex companies are essential in our drive to improve cash generation and reduce overheads.
“At the same time, the Board would like to thank Duncan Magrath for his continued commitment and support until the appropriate handover is concluded.”
On appointment, Balfour Beatty says Mr. Harrison will receive a basic annual salary of œ400,000, with pension and benefit provision in line with the company’s approved remuneration policy. In addition, and also consistent with the remuneration policy, he will participate in Balfour Beatty’s annual bonus and long-term incentive plans, with the value of Philip’s incentive awards which will be forfeited upon leaving his current employer to be compensated.
