UK-based infrastructure group, Balfour Beatty, has announced today that Andrew McNaughton has stepped down as Chief Executive of the Group and as an Executive Director of the Board with immediate effect.

Steve Marshall, Balfour Beatty's Non-Executive Chairman, will take over as Executive Chairman until a successor is appointed. He will be devoting a significant amount of time to the Balfour Beatty Group in this interim period, and will lead the Balfour Beatty's Executive Committee.

Balfour Beatty's Board will commence a process to appoint a successor to Andrew McNaughton shortly.

Steve Marshall said:

"Andrew has served the Group for the last 17 years in a wide variety of roles. I would like to thank Andrew personally and on behalf of the Board for his major contribution. We wish him well for the future."

Balfour Beatty shares plunged 16% on market open after the infrastructure and services giant announced the news.

Balfour Beatty also revealed that it expects a £30 million shortfall in our UK construction business in 2014. As a result overall group pre-tax profits for 2014 are expected to be significantly lower than previous expectations, in the range of £145 - £160 million.