THE TRAVAILS of construction group Balfour Beatty have continued, with the departure of its CFO announced.
Duncan Magrath (pictured), who has served with the company for eight years including six as CFO, will continue until a successor is found.
Magrath’s exit forms part of a traumatic period for the business. Balfour Beatty has issued five profit warnings in the last two years, with KPMG recently appointed to undertake a review of the commercial controls underpinning its UK construction contracts – following a series of contract writedowns.
Merger discussions between Balfour Beatty and Carillion fell through in September, while its UK FD Beverley Dew left to join Kier.
The news emerged as the latest monthly Purchasing Managers Index survey showed growth in the UK construction sector fell to a five-month low.
Balfour Beatty executive chairman Steve Marshall said that Magrath had shown a “huge” personal commitment to the group, “and particularly in the recent more challenging times, his contribution and his resolve under pressure has been unwavering”.
“Following the completion of the Parsons Brinckerhoff disposal and the announcement of our new group CEO, Duncan will be seeking new career challenges in 2015. In the meantime, he will continue on the board as group CFO, and will remain as strongly committed to this role as he has always been.”
Magrath joined Balfour Beatty in 2008 as deputy FD from Exel, having spent 13 years at the logistics business. Prior to this he worked at Price Waterhouse. He is a non-executive director of Brammer and an ICAEW fellow.
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