Balfour Beatty Sinks Most Since 1998 as CEO Quits
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Balfour Beatty Plc fell the most in 16 years after the British construction company said earnings will be “significantly” lower than forecast and its chief executive officer resigned.
Andrew McNaughton stepped down as CEO after 13 months, and Chairman Steve Marshall will take over running of the London-based company until a successor is appointed. Balfour also said in a statement today it’s considering a possible sale of Parsons Brinckerhoff, the New York-based infrastructure consulting company it bought for $626 million in 2009.