Balfour Beatty shares are soaring over 10% on market open after the construction and infrastructure group revealed that Leo Quinn will become its new chief executive officer as of 1 January 2015.
The Balfour Beatty stock price rose by 10.88% within the first 15 minutes of trading, reaching 164.80p, following news of the appointment of Quinn who has spent five years as the CEO at defence and security technology firm QinetiQ.
"Quinn is an outstanding individual with an excellent track record in improving the performance of major international businesses," said Balfour Beatty's executive chairman Steve Marshall.
"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 will receive a basic annual salary of £800,000 (€1m, $1.3m), 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, and the value of Quinn's incentive awards which will be forfeited upon leaving his current employer will be compensated," said the group.
Who is Leo Quinn?
From 2004-2008 Mr Quinn created substantial value as CEO of De La Rue, the largest non-government printer of banknotes, and prior to that led a number of international business transformations as Global President of Honeywell Building Controls and COO of Production Management, the largest division of Invensys PLC.
Educated at Imperial College, London and Portsmouth University, Mr Quinn holds an MSc in Management Science and a BSc in Civil Engineering.
He began his career at Balfour Beatty in 1979 as a civil engineer in the UK construction services business.
Source: Balfour Beatty