Balfour Beatty has appointed former finance boss of travel agency Hogg Robinson as new chief financial officer.

Philip Harrison will take up his new position and join the board later in the year.

A qualified accountant, Philip’s career includes senior roles in large and complex international businesses. Prior to his role as group finance director at Hogg Robinson Group plc, Philip was the group finance director at VT Group plc, the £1.3 billion turnover government support services business, and at Hewlett-Packard where he was the VP finance for the $43bn turnover Europe, Middle East and Africa region and a member of the EMEA board.

Group chief executive Leo Quinn said securing a candidate of Philip’s experience and calibre can help the team “committed to restoring Balfour Beatty to strength”.

He said: “His strong understanding of businesses that bid and deliver major contracts globally and his track record in embedding strong financial controls across complex companies are essential in our drive to improve cash generation and reduce overheads.

“At the same time, the board would like to thank Duncan Magrath for his continued commitment and support until the appropriate handover is concluded.”

On appointment, Philip will receive a basic annual salary of £400,000, with pension and benefit provision in line with the company’s approved remuneration policy. In addition, and also consistent with the remuneration policy, he will participate in Balfour Beatty’s annual bonus and long-term incentive plans, and the value of Philip’s incentive awards which will be forfeited upon leaving his current employer will be compensated.

He holds 1,685 Ordinary Shares of 50p each in the company. There are no other disclosures required under Listing Rule 9.6.13.

The previously announced search for a new chairman is progressing well and an announcement will be made in due course.