'It's a marathon, not a sprint', Balfour Beatty's new boss warns staff

The incoming chief executive of Balfour Beatty has promised staff at the troubled construction and engineering group not to expect instant results when he takes the reins next month.

In what he called the “most important letter” he had ever penned in a 32-year career, turnaround expert Leo Quinn wrote to Balfour’s 40,000 staff, sketching out his intentions when takes the top job on January 1.

Mr Quinn, who currently heads defence research group QinetiQ, pledged his work would be “bold" and that he "will make early, brave decisions”, aiming to restore Balfour’s fortunes in the long term, “investing for growth beyond the near and now”.

But he cautioned not to expect instant results, adding: “Be patient. Transformation will not happen overnight: it’s a marathon, not a sprint. If it’s going to last, it has to be a reasoned and long-term process, which we must get right.”

Balfour’s shares have plunged over the past year, during which the FTSE 250 group has issued a string of profit warnings, instigated a review by KPMG into how its UK construction business ran into trouble, and lost a host of senior managers.

Mr Quinn, who noted his own career started with Balfour, used his letter to acknowledge the “major setbacks” the company has suffered.

“I took a great deal of time considering this opportunity before I accepted the position,’ he wrote. “You will be well aware of the profit warnings that have been issued over recent months, and I welcome the thorough and forensic scrutiny from KPMG into the UK construction business.

"Their conclusions will help everyone involved take that business forward. This is a tough time, even for those not directly affected, and I want to get it behind us.”

_{Leo Quinn is currently chief executive of QinetiQ}

However, he warned staff not to be distracted by the company’s recent problems telling them “do not look back”.

“Too much time is spent looking over shoulders (and under feet) and generally this is not helpful,” he said. “We must learn from past mistakes, but not stagnate or become paralysed.”

Mr Quinn said his decision to rejoin Balfour was driven by employees’ “infectious pride” in the business and said he held in high regard the company’s reputation as “the cornerstone of the British construction engineering industry”.

Setting out his “big ambitions” for Balfour, Mr Quinn asked staff to be open and transparent, focus on simplicity and safely deliver work on time and budget.

Prior to joining QinetiQ, Mr Quinn was chief executive of banknote printer De La Rue, and held senior roles at Invensys and Honeywell.