Balfour Beatty has announced that Duncan Magrath will leave the business in 2015 following a process to appoint his successor.

Mr Magrath has been with the company for eight years, including six years as Chief Financial Officer (CFO).

Duncan will continue as a member of the Board and as CFO until his successor has been identified. A search to find a new CFO for Balfour Beatty is being initiated and a further announcement will be made in due course.

Steve Marshall, Executive Chairman, said:

"Duncan has been our CFO for six years.  He has shown huge personal commitment to Balfour Beatty, 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."

Duncan Magrath was appointed to the Board of Balfour Beatty in 2008, having joined the company in 2006 as deputy finance director from Exel. Mr Magrath spent 13 years at Exel in a number of senior finance roles in both the UK and US, latterly as director of investor relations and financial strategy.

Prior to this he worked at PriceWaterhouseCoopers. He is a non-executive director of Brammer plc and a Fellow of the Institute of Chartered Accountants.